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  • Darlinghurst Suburb Guide | Real Estate Blog – Niche Portfolio
    Wednesday, October 15, 2014
    Highlights of Darlinghurst Darlinghurst is an inner city suburb of Sydney.  Close to Sydney’s Central Business District, it is one of the m...
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  • Paddington Suburb Guide | Real Estate Blog – Niche Portfolio
    Thursday, September 25, 2014
    Paddington, Sydney living: the highlights  The sought-after suburb of Paddington, nicknamed “Paddo”, is located a mere 3km from the S...
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  • Bondi Beach Guide | Real Estate Blog – Niche Portfolio
    Wednesday, July 02, 2014
    Highlights of Sydney’s Bondi Beach Sydney’s Bondi Beach is located on Sydney’s Eastern Suburbs and it’s the most famous beach ...
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  • Top 5 renovation tips that will increase the value of your property | Real Estate Blog – Niche Portfolio
    Thursday, June 12, 2014
    The competitive Australian property market can seem like a jungle - everyone is looking for the best way to add value to their home without breaking t...
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  • DIY tips to prepare your house for sale | Real Estate Blog – Niche Portfolio
    Monday, June 02, 2014
    Do you want your home to stand out from your competitors?  If you are serious about putting up your home for sale, it is vitally important that y...
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  • Rental home hunting? Follow these 5 simple tips for a smooth transition | Real Estate Blog – Niche Portfolio
    Wednesday, May 14, 2014
    The rental property market is highly competitive at the moment, especially as more and more people are choosing to rent rather than to buy.  Look...
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  • Escape into your own private oasis | Real Estate Blog – Niche Portfolio
    Wednesday, April 30, 2014
    With all the chaos of our modern world, we all need a private haven to escape to. Nature has provided us with one of the most decadent luxuries the hu...
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  • Property prices on the rise with Sydney’s property boom | Real Estate Blog – Niche Portfolio
    Monday, March 17, 2014
    With interest rates at a record low, and high demand for limited housing stock, Sydney’s property market is set to see an increase in property d...
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  • Top Tips for Buying a Rental Property | Real Estate Blog – Niche Portfolio
    Friday, February 28, 2014
    Buying a rental property can be a very financially rewarding decision. However there’s no denying that it involves a lot of research beforehand....
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  • Sydney property and property investment news | Real Estate Blog – Niche Portfolio
    Monday, January 20, 2014
    The increase is the biggest jump seen since late August 2010, and follows a series of country-wide falls in property values in the two preceding years...
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How to make renting FUN! | Real Estate Blog – Niche Portfolio

Wednesday, December 14, 2011

Although you’re not planning to land yourself with the responsibilities of actual property ownership, renting is still an activity that demands rigorous attention to detail. Renting the wrong property – possibly with the wrong people – can lead to discontent all around.

So, what should you know about renting to make it a happy experience – whether long term or short term? The information you require can be broken into:

• The rental property you can afford

• The type of accommodation you would like to rent

• The location you would like to rent in

The rental property you can afford

Three central costs are associated with renting, being:

• Start-up costs

• Periodic rental payments

• Your day-to-day living costs

Scrupulous budgeting is required to manage these three cost areas. Inability to maintain control in any or all of these areas might see you miscalculate your total expenditure and blow your budget. Assessing your cashflow is imperative; you may spend money on the bond, furniture and the first month’s rent only to discover you cannot afford to purchase food and other necessities.

Be realistic about what you can afford each week or month on your rental expenses. Allow enough slack in your budget to cope with unanticipated costs in addition to normal living expenses. No one plans to catch the flu or select a set date for their car accidents. It would be prudent to apportion another 10% of expenditure to ensure you have covered unforeseen expenses.

If you’re saving for a future expense such as a deposit for a home, you should budget for the regular savings as an outgoing. Setting up special savings accounts for these amounts is a useful way of avoiding otherwise spending the money on entertainment.

Your start-up costs are likely to include:

• Bond payments

• Rental in advance

• Moving costs

• Utility expenses (connecting to gas, telephone, electricity etc)

• Your furniture bed, tables, chairs, decorations etc

• Kitchen utensils

• Linen

Ask yourself whether you have sufficient funds to cover these items. Remember that many of items can be purchased cheaply – second hand or borrowed from friends and family members.