Renting Real Estate in Australia
For someone who is looking for a house in Australia, it is not always necessary that one needs to buy a land and property or develop some real estate. For someone who is just starting out, renting is a better option for real estate. There are certain conditions that are necessary to be fulfilled before becoming a rent tenant in Australia.
WHY RENTING?
The main reason why people choose renting over buying is because of the flexibility and the finances. When someone looks to rent a property, they have to undergo lesser number of formalities, like consulting valuers, as compared to buying a land or developing a property. Moreover, if the person is not yet sure of the location they were finally looking for settling into, then in such cases renting is a more flexible option. The person can change his living place as and when he requires. If the place is rented by a student or someone who has started fresh in job right after college, then for them renting is the best option as it provides flexibility. Also the other major point is the financial expenses. The expenses incurred over and above the efforts in buying or developing a real estate is very high. For renting, the average rent in Australia is 435 AUD per week. This is the price rate in the major cities in Australia. If you are looking to live in more affordable places such as Brisbane or Perth, then the average rent goes up to 385 AUD. This is affordable considering the tenants are just fresh-bees who are starting out.
SYSTEM OF RENTING- FOR NATIVES
There is a system of identification that is adopted by the Australian government. This works by a point system that is used to establish the credibility of the tenant. It is thus necessary to become aware with the Australian point system. This system is used by the landlord to check the credibility of the renting tenants before giving them home to live. These numbers of points are determined based on the various id proofs that can be generated by the tenant. The id proof list includes driver’s license, passport, utility account, previous agreement of tenancy (if any), etc. All of these give a major number of points when someone is looking to become a tenant. The minimum criterion for someone to become a tenant is to have a minimum of 100 points. This system is useful for all the citizens of Australia.
SYSTEM OF RENTING- FOR FOREIGNERS
For foreigners, the system to be adopted before making rental choices is a bit different. The terminology for real estate is a bit different in Australia. The people must learn the language of real estate and understand the kind of place they are looking to rent. If they are looking for studios, apartments or blocked estate must be decided beforehand.
THE PROCESS
After learning the language, the choice of the location is important. After deciding the location of the city, it is necessary to explore the neighbourhoods. Based on these neighbourhoods, the rental prices are decided. After that the search needs to start. There are not many real estate agents that are helpful and there needs to be a personalized touch to it but make sure to have professional assistance. Don’t just fully be inclined to them.
After the whole process is set up, start the viewing of the property and after looking at them; make sure that all the criteria have been met against what you started to search initially. After you are sorted, put in the rental application. There will be certain requirements and documents that are necessary:-
- Identity proof
- Income proof
- References
- Employment details
- Any rental agreements previously
- The first instalment
After that the rental contract is signed and the deposit is made. It then becomes a whole process and then the rental agreement can actually start to function. The process of renting an estate for a foreigner is thus more complex than a native citizen.
CONCLUSION
Thus, renting the estate is a better option than buying for someone who is just entering the estate market. For someone looking to rent an estate in Australia, there are certain conditions laid out by Australian government and those need to be followed. These conditions are different for the native and the foreigner and after fulfilling those, only then can someone make a rental agreement. This is a suitable option for someone who is looking to make a living in the commonwealth country.
