The latest statistics show that these days, young adults are still living with their parents well into their late twenties and even beyond that. This social trend is thought to be a result of the high cost of living, and the difference between the composition of modern families now, compared to previous generations. To save a deposit for a property of their own, young people are foregoing the early leap to independence.
Suggestions for independent living
However, many young people are still breaking away from the family home to travel for a job or to study, or in some cases, because their home circumstances are difficult. Whatever the reason, these first timers will need some advice about items such as budgeting for living expenses, looking for a property situation that suits their circumstances and their legal responsibilities once they have signed a lease agreement.
This type of situation is a familiar one for us. At Bunbury Real Estate we manage many rental properties for our clients, from free-standing homes to apartments suitable for families, couples or singles. Our property managers perform regular inspections to ensure that the client properties are being looked after by the tenants. We also ensure that we keep good tenants happy by attending to maintenance issues promptly.
Budgeting now becomes serious
From our experience, first time tenants struggle the most with budgeting to pay the rent on time, keeping the property tidy and understanding the terms of their lease agreement. Budgeting is made much easier if tenants are realistic about the type of property they want. It may be better to try shared accommodation for the first few months until they stabilise their spending rather than try to manage a sole tenancy.
Household tasks now the tenant’s responsibility
Anyone thinking about moving out should first realise that they will need to do housework, and if they have rented a free-standing property, keep the lawn mowed and the gardens tidy. They will also be responsible for damage not caused by normal wear and tear as these will be subject to inspection.
Read the lease agreement carefully
They should also understand the terms and conditions of the lease agreement before they sign it. This is a legally binding contract between the lessor and the lessee, usually requiring an initial payment of a bond and some weeks rent. It sets out how and when the rent will be paid and other conditions of the occupancy including when it ends. If first time tenants get these things right, they will earn a reputation as a desirable tenant, not just with our agency, but wherever else they choose to live.