Finally, the time has come. You’re officially a first home owner! Owning your first home is one of life’s big milestones and at Peet we couldn’t be more excited for you.
While your focus and attention is likely on your new home, there’s just a few final things you’ll need to consider before you close the door on renting.
1. Give notice
Make sure you are giving your landlord or property manager the required amount of notice in writing that you’re moving out. If you get your timing wrong, there’s a chance you could be paying rent and mortgage repayments at the same time - not an ideal start to being a first home owner.
Make sure you understand your rights, depending on the type of tenancy agreement you have, there are different ways you can end a tenancy.
2. Understand your obligations
Check the fine print of your tenancy agreement. What are your obligations? Do you need to have the house and/or carpets professionally cleaned? If so, you’ll need to book that in for moving day or the day after (all of your furniture and belongings will need to be out of the house first).
3. Sharing the leaseIf you’re sharing a lease, it’s important to check whether your name is on the lease agreement. If it is, you’ll need to arrange to have it formally removed. You can do this by contacting your property manager or landlord. Even if your name is not on the lease, you are still a sub-tenant and you’ll need to make sure that your share of the rent and utility bills are up to date and paid.
4. Make repairsYou’ll need to attend to any issues with the house before you move out to ensure you get your bond back. Hopefully they’re only small issues that can be easily fixed such as tightening screws on locks or touching up paintwork. If there’s anything more significant that needs fixing, consider hiring a home handyman.
5. Organise an inspection
On the day you move out, you’ll have paperwork to sign and keys to handover. Once you’ve fulfilled your cleaning obligations and made any necessary repairs, you’ll need to organise a final inspection. We recommend that both yourself and your landlord or property manager are present at the inspection. Have your original inspection report handy so you can refer to that if any marks or damage is questioned.
6. Utility readings
Take note of utility readings at the point you finally move out. It’s a good idea to take photos of the readings too.
7. Get your bond back
There’s a formal process you need to go through to get your bond back. Make sure you’re aware of all of the conditions of your lease. If you don’t meet the conditions, your landlord can refuse to release your bond. The process of releasing the bond can take some time, so don’t rely on the money becoming available immediately.