Top tips for getting your rental bond back
When it comes to the end of any rental agreement, one of the biggest focuses for rental occupiers is getting their bond back.
Held in trust, the bond is released to a rental occupier once a rental owner and property manager are satisfied the property has been returned to its original condition.
So how do you ensure your bond will be returned in full? Here are our top tips for getting your bond back.
The purpose of a bond
At the outset of any fixed term rental agreement, a bond is requested.
Usually equating to the value of two week’s rent, this money is held in trust by an independent body. For example, in NSW that money will be held by the Rental Bond Board, in Queensland it’s looked after by the Residential Tenancy Authority, and in Victoria, it’s looked after by the Residential Tenancies Bond Authority.
The money is held by these entities just in case there is damage to the property or inadequate rental payments are made.
All going well, at the end of the rental agreement those funds are returned to the rental occupier after a final exit inspection.
Why a portion of the bond may be deducted
As we mentioned, if all is well with the property, as in there is no damage, rent is paid in full, and the property is clean and tidy, the bond will returned to the rental occupier.
However, in some cases, a property manager and rental owner may make a claim on some or all of that money to cover repairs, outstanding rent, or proper cleaning of the rental.
So how do you ensure your bond is repaid in full?
Have a checklist
Basically, the bond is there to ensure the property is returned in the same condition as when the rental occupier entered it, barring any fair wear and tear.
Therefore, it pays to have a checklist of things you need to work through as you ready to exit that property.
- Cleaning all rooms, including inside cupboards, light fittings, fans and windows
- Having carpets cleaned (if this is a condition of your rental agreement)
- Having the property treated for pests (if this is a condition of your rental agreement)
- Tidying the outside area and ensuring the garden is neat and clean, and the lawns are mowed
- Replacing any required lightbulbs
- Having any damage tended to
Start well in advance
The process of exiting a property and completing all the above tasks can take time, especially if you’ve lived at a rental property for a number of years.
That’s why it pays to start well in advance, and then set a schedule of how and when you’re going to accomplish each item on the list by the date you are due to leave.
Use the entry condition report
At the commencement of your rental agreement, you and the property manager would have completed an entry condition report.
This document is invaluable when it comes time to leave.
One of the best tips is to have that report at hand and work through each room, ensuring it is returned to the condition you found it in.
The final word
Getting your bond back at the end of a rental agreement doesn’t have to be a stressful experience. It just involves working through the process to ensure you leave the property as you found it.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to buy a property for investment purposes, you can view our properties available for sale here.