Looking to rent? Here is what you need to know…

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Plenty people still rent instead of buying homes, either because of individual circumstances or the flexibility. Renting offers the freedom to move to any location, at any time be it for work or other reasons, without the stress of having to sell a home. The rental application process can be a lengthy and complicated process: from searching for and viewing properties, to signing rental agreements and other documents.

“Renting a new property is an exciting experience that can also be very stressful and overwhelming. We are here to guide you through it with our step by step application process”, says Janine Greyvensteyn, Sales and Marketing Manager, IHS Property Management.

We take a look at the most frequently asked questions regarding fees and documentation you should have at hand when considering a new home.

Where do I start?

  • Get into contact with one of our reputable agents
  • Set up a viewing appointment
  • The viewing will take place where the agent will discuss info & pricing on the particular complex/unit

How do I apply?

  • If you are interested an application forms need to be completed and additional supporting documents will be required
  • You will then be sent an email with a link to upload all your information online where you will submit the application form, signed debit order form & other required documents as per your personal criteria

What documents do I need?

  • Clear copy of SA ID
  • Latest 3 month’s pay slips
  • Latest 3 month’s bank statement (same bank account as salary payment received  & same as debit order to run from)
  • Current proof of residence (not older than 3 month’s)
  • Marriage Certificate (if applying as a joint application)

Foreign Nationals

  • Clear copy of Passport
  • Work permit valid for a minimum of 12 months  post commencement of lease agreement
  • Current proof of residence (not older than 3 month’s)
  • Marriage Certificate (if applying as a joint application)
  • Latest 3 month’s pay slips
  • Latest 3 month’s bank statement (same bank account as salary payment received  & same as debit order to run from)

Applying as a Company/Trust or are self-employed

  • If applying as a Company/Trust or are self-employed a double deposit will be required
  • CIPC company documentation for the applicant company
  • Most recent Audited Financial Statements company
  • Most recent management accounts company
  • 6 Month’s bank statements (same bank account  as salary payment received  & same as debit order to run from)
  • In the case of a Trust, a motivation must accompany the application as to why the Trust will be the lease holder and  not the Trust beneficiary

Newly Employed

  • Clear copy of SA ID
  • Latest 3 month’s pay slips
  • Latest 3 month’s bank statement (same bank account as salary payment received  & same as debit order to run from)
  • Current proof of residence (not older than 3 month’s)
  • Marriage Certificate (if applying as a joint application)
  • Employment letter stipulating salary and start date (only applicable if newly employed)

Debt review applicants

  • Clear copy of SA ID
  • Latest 3 month’s pay slips
  • Latest 3 month’s bank statement (same bank account as salary payment received  & same as debit order to run from)
  • Current proof of residence (not older than 3 month’s)
  • Marriage Certificate (if applying as a joint application)
  • Require a letter from Debt Councillor stipulating the amount that you are allowed to rent for & what you can afford

How much must I earn to qualify?

To qualify your basic salary must be at least 3 times the rent for a single applicant or combined salaries, you also should be up to date with your existing accounts. The terms and conditions depend on the outcome of the credit check, permanent employment and SA residency.

 

What are the additional costs involved?

Should your application be successful you will be required to pay the following (where applicable). The below fees could differ depending on any special offers you could come across, and even from building to building.

Rent: This is your monthly rent payment for the use of property – which is payable in advance.

 

Deposit: In general, this is normally equaled to one-month’s rental. Depending on the applicant & situation, a double deposit could be required in order to secure a unit. This is normally applicable in higher risk applications where the person can easily leave the country and the landlord be unable to accrue any fees outstanding.

Deposits are there to protect the letting agency/landlord from damages and non-payment. This deposit will be returned to the tenant at the end of the lease term, as long as the tenant follows all the terms of the lease agreement. If the tenancy runs its normal course, the deposit along with all interest earned on the money will be paid over to the tenant at the end of the lease agreement period.

 

Admin Fee (approx. R1100): An administrative charge is a flat fee charged by the agency responsible for the property for the services & tasks in administrating and preparing the lease.

These can include:

  • Credit checks
  • Reference checks
  • Fees for carrying out or checking an inventory
  • Fees to renew an existing tenancy
  • Copies of the lease
  • Fees to transfer your lease over to a new tenant

Key Deposit (approx. R200): is a minimal fee paid for keys/remotes given to the tenant and is refundable when the property is vacated and all the keys are returned. Its purpose is to cover the cost of replacing lost keys and remotes.

Stamp Fee (applicable in Namibia): is a tax that is levied on the drawing up of a lease agreement, the amount you pay will go towards government’s budget.

 

Parking: Where applicable at certain complexes where parking is not included in the rental fee, an additional fee will need to be paid monthly for the letting of a parking bay or additional parking bay where applicable/needed.

W&L, Gas & Sewer Deposit: also known as utility deposits. This cost is meant to cover the amount a provider may need if a tenant does not pay for the service. These deposits are often required for first-time apartment renters since they have no recorded payment history. The deposits are refundable. If you pay your utility bills in full, you should expect to receive your entire deposit back.

“This might seem like quite a bit of information, but if you speak to one of our expert consultants, they will be able to assist you in getting the best possible offer. We always have special packages available from getting your first month free, paying no deposit, even not paying a leasing fee” Janine continues.

Searching for the perfect property? We can help find your perfect apartment – IHS have 100’s of listed properties to rent. Feel free to get in contact with us if you have any further questions or concerns on 087 236 8686. You can also browse our website if you are looking for any other information www.myihshome.co.za.