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A step-by-step guide for first-time renters

A step-by-step guide for first-time renters

Author: Pranil Maharaj
Date: 2018-05-04

The rental market is a cut-throat sector of the real estate market that waits for nobody.

First-time renters need to be fully prepared before they even start the process of looking for a place to rent in order to avoid the disappointment of losing out on their ideal property.

In most cases, there is a shortage of properties available for rent, and an abundance of those seeking out a rental.

Step 1: Know what you qualify for: The worst thing a renter can do is to look for homes before knowing what they can afford. The rule of thumb is that a renter needs to earn three-times the monthly rental amount.

Step 2: Check your credit score: Tenants need to have a good credit record before they can apply for a rental - this can be anything from a cell phone contract to a store account. It is vital that you keep your credit record clean by making sure you pay the instalments timeously each month.

Step 3: Get your documents in order: When going to view a rental property, make sure you have a copy of your latest payslip, last three months' bank statements, as well as a copy of your ID readily available.

Step 4: Pay the deposit: In order to secure the property consumers need to pay the deposit as soon as the application has been approved. Make sure you have enough saved for a deposit before you get your hopes set on a property.

Renting your first property is an exciting experience that can also be very stressful and overwhelming if you are not prepared for what it entails. The best advice would be for tenants to seek out a reputable agent who can guide them through the process.