When you decide that you’re ready to rent, just like purchasing, you’ll need to establish your budget. This budget should include a contingency not only for the rent, but also for utilities and other expenses. To help you plan your budget, we thought we would share a guide to Marlborough renting costs and what to expect.
Marlborough Renting Costs – What to expect:
The price of your weekly rent will depend on many factors. These include the style and size of the property and its location. A property in the CBD will generally be more expensive to rent than a rural property, as will a fully-renovated or very new property. We always have a good range of properties in our portfolio. And if we don’t have what you’re looking for, we can add you to our database to let you know when something more suitable comes along. View our current listings HERE.
If there is a rent increase on a property when you are in situ, you must be notified at least 60 days in advance.
ADVANCE RENT & BONDS:
It’s standard procedure to be asked to pay your rent in advance. Additionally, when you begin to rent a property, you’ll need to pay a bond. So, your initial Marlborough renting costs will be higher than future payments. That said, there are rules and regulations about how much and when you can be charged. You should never be asked to pay more than four weeks’ rent as bond. Additionally, you shouldn’t have to pay more than two weeks’ rent in advance or pay rent before it is due.
INSURANCE, COUNCIL TAXES & COSTS:
The landlord should cover the building insurance for the property you are renting. But you will require ‘Tenant’s Insurance’. This covers your possessions, but it also covers you for liability for any damage you may cause to the property you are renting. You may find this article from the archives interesting. It explores tenant’s insurance in more detail.
Your landlord will cover local council taxes (rates), but other utilities, such as power, telephone and Internet charges will be your responsibility. You may also be responsible for paying for the water you use if your rental property has a water meter.
The landlord will normally cover any general property maintenance repairs. If you damage property as a tenant, you will likely be asked to contribute some or all of the costs towards the repair.
If you’re looking for a rental property, talk to a member of our Bayleys Property Management Team. Our property management experts also give FREE advice for tenants on how to make sure you get a great rental property and what information landlords usually require before accepting a new tenant.