PAYING RENT AND BILLS
PAYING RENT AND BILLS
When you move in to a new place, there are some basic responsibilities you want to know about. The most important is paying your rent on time.
How to Pay Your Rent
Whether you pay monthly or weekly, the rent must be paid in accordance with the instructions your property manager or landlord has determined. You could be offered a number of Methods to pay the rent:
- In the real estate agents office: this could be done with cash or a cheque. Many home managers prefer not to take care of cash payments and encourage electronic payment or use of ‘lease payment cards’.
- In the Bank: deposit money or cheque or transfer funds to the nominated bank account.
- Direct Debit: you can pay straight to the bank account given. You can do this manually or set-up a regular payment. In case you have access to online banking this is simple to perform and it keeps good records for you.
- Rent Payment Cards: A special rental payment card might be provided to you by the property manager or landlord. This is a card that has a unique number and pin code that explains the rental house you’re making payments for.
- These cards allow you to make payments on the phone and internet (and also initiate payment via SMS in certain cases). These cards allow you to make secure and convenient obligations as well as login to see your history of payments.
How to Make Sure That the Rent Gets Paid!
The lease that was signed for rental of this property is a contractual document. This has to be taken seriously. Make sure everyone in the house knows that’paying the rent on time is important’. The people whose names are on the lease are ultimately accountable for the rent and lease conditions. You may be paying equivalent shares or an agreed split of the total lease, either make it clear to everybody contributing just how much is due and when it is due by.
Paying on behalf of a Group
One individual in the home ought to be nominated as responsible for collecting rent from each of you, and then make payment. You can collect the lease a number of ways, by the old fashioned ‘cash in the rent jar’ or receive payments made into a nominated bank account if it is somebody’s own or a separate ‘lease account’ (note that some banks supply ‘fee free’ accounts, on which you’ll be able to put all names on the account. It is sensible to make two signatures into the account for withdrawal).
The best means is to set-up an automated transfer. Whichever way you choose, keep great documents and follow up quickly on anyone who has missed a payment. Make payments regularly and it’s a fantastic idea to do so when you get paid, the very last thing you want is to get to rent day and don’t have any cash left.
If you miss a rent payment or can’t pay it all, communicate the situation quickly and honestly to your property manager or landlord. Remember that landlords have rights, and will take legal action against you to recover the lease and their prices, even evict you.
Landlords and property managers will want an easy resolution too, so work together. In the event that you end up in legal proceedings, speak to the applicable ‘tenants information service’ in your state.
Work out how you are likely to ensure the rent is paid on time and all the bills are paid. You may schedule a regular two weekly or yearly meeting to go over these. Of helping to achieve this some hints are:
- Assign an individual responsible for collecting the rent from everybody and making the payment
- Assign an individual in charge of every bill
- Give each other warning when extra expenses arise
- Make bill paying a fun event by cooking dinner together and having a couple beers
- Keep good records of who pays!
In addition to paying your rent, keep some money aside for Fundamental house Prices Such as:
- Shopping allowance
- Water usage (typically you pay for your water Use but not the actual water rates. Water payments and conditions should be explained to you and be part of your lease agreement).
- Cable TV
Costs You Don’t Have To Pay For
There are some Items which you don’t have to pay for:
- Council rates
- Urgent or other repairs needed out of reasonable ‘fair wear and tear’