For First Time Tenants : How To Pay Your Rent
Securing a rental property can be an exciting time. It might be your first move as an independent adult, or it could be a step up after a rough patch in your life. Whatever the case, paying rent when it’s due is an important part of being that responsible, independent adult and it’s best to get into a good habit as early as possible.
Here are some things you need to consider:
- Because you’re a responsible adult, you’ve sourced a rental property for exactly what you can afford at that particular period in your life.
- You’ve calculated all the additional expenses you’re going to encounter, such as water and electricity or gas, groceries, car expenses, mobile phone bills and the like.
- You’ve saved for a bond and you’ve investigated what other fees you need to pay (administration etc).
- You know when rent is due, and you’ve set aside that amount every pay period, regardless of what other items you want to purchase in that time; you need a roof over your head and, really, that new handbag or pair of boots are not crucial.
- It is crucial, however, to find out how your rent is to be paid, and plan ahead. Is it a bank cheque? Direct debit? Does the estate agent accept cash?
There are a number of different payment options for tenants. Here are the most common payment methods:
Bank/ EFT Transfers
Bank transfers or EFT’s is the transfer of funds from one bank account to another. This is also the only method we accept. You should know how long it might take for a bank transfer to occur, and you should definitely take that into account. It might be best to set up an automatic deduction from your bank account, however make sure you have enough funds before the date or you could be slugged with a dishonour fee.
If you plan to pay rent with a credit card, you know you need to repay it within the contract period or pay extra interest and fees (can you afford the rates a credit card might charge for late payment? Don’t forget that paying rent with a credit card means the money doesn’t come from your bank account. It won’t be as obvious so it can slip your mind).
Direct debit is the same: you need to have enough funds available come payment time. Yes, it’s a minefield, but that’s also part of being an adult (as frustrating as it can be). If you’ve scoured your rental agreement, though, you’d know exactly where you stand.
Looking for a rental property and need a little help with navigating the rental agreement? Contact Aspect Estate Agents. Our friendly staff will be more than happy to help. Whether it’s your first foray into the world of renting, or you’re looking to upgrade your rental home.