As an investor in buy-to-let property, you’re likely to encounter queries from your tenants either before they move in, or once they have moved into your property. To assist you we have compiled a list of the top 10 questions that tenants or prospective tenants ask our rentals division and provided the answers here.
Answers to FAQs from tenants:
- What paperwork do you need from me when I apply to rent a property?
- SA identity book – certified copy
- 3 months’ Salary Slips – certified copies
- 3 months’ bank statements – stamped by the bank
- What rental can I afford?
- Your nett income (after deductions) must be at least three times the amount of the rental.
- How will my credit rating affect my chances of renting a property?
- Applicant must be clear on ITC (no Judgements, defaults or adverse accounts)
- What will I need to pay upfront, before I can move in?
- One and a half months’ deposit
- Once off lease fee
- First month’s rent
- Electricity and water deposit if requested
- What happens to my deposit?
Your deposit is held in an interest-bearing Trust Account for the duration of your lease. Interest will accrue to the tenant.
- Will I get my full deposit back when my lease expires?
At the end of your lease, the property will be inspected. If you haven’t caused any damage then the full deposit, plus the accrued interest is paid back to you. If some repairs are needed due to damage (other than reasonable wear and tear) then the cost of those repairs is taken out of the deposit. If there is any remaining money (the balance after the costs of repairs has been covered) it will be paid back to you.
- Can I cancel my lease before it expires?
Yes, but you need to provide 20 working days’ notice in writing that you intend terminating your lease early.
- Will it cost me anything to terminate my lease early?
Yes, you will be liable for a cancellation fee and you will still be liable for the monthly rental if the landlord is unsuccessful in finding a replacement tenant.
- Am I allowed pets at the property?
This depends on the Body Corporate rules (if the property you are renting is in a complex) and must be checked before you decide to sign the lease agreement.
- How many people are allowed to live in a flat?
Generally the rule is two people per bedroom, however, please check your Lease Agreement as the maximum number may be stipulated in that contract.
As experts at providing property investors with one of the most comprehensive letting services available SAIR is one of the fastest growing property rental management companies in South Africa. If you have any further questions you are welcome to contact SAIR on 087 230 9863 or email Karen@sair.co.za.