Renting a property means that you can have independence, are in a location of your choosing i.e. close to your place of study and can chose if you want to share your accommodation or live by yourself. However, if unfurnished, you may need to purchase or hire furniture and electrical goods. If you rent or lease, you will be asked to sign a legally binding contract (Tenancy Agreement or Lease Agreement) that is between yourself, the real estate agent, and/or the property owner. This agreement will specify the length of lease period, usually six (6) to twelve (12) months; who will stay in the property; a description of the property; the weekly rent or lease amount; total bond or security deposit paid, and any special conditions. Make certain that the accommodation meets your needs and is affordable for the entirety of your stay before you sign a lease.
A bond or security deposit is paid to the real estate agent or owner in case you don’t fulfil your responsibility to keep the place clean and free of damage and/or leave bills unpaid. When you vacate the property, make sure you leave it in either the same or better condition than when you signed the lease, and fulfil all rental or lease obligations. This will ensure the bond or security deposit will be refunded to you.