Term 4: Independence Flashcards
What are some reasons people move out of home?
- independence
- moving in with friends/partner
- parents kick you out
- loss of parents
- travel overseas
- study interstate/overseas
- dislike parents and rules in home
- disputes with siblings
- no longer any parental home
- convenience for work
What are places you can live?
- apartment
- house
- van/vehicle/caravan
- shared house
- rent
- buy
- university dorm
- boat
- housing commission
What are some advantages of shared accomodation?
- lower living costs (electricity, rent, gas e.t.c.)
5 tips for a harmonious sharehouse:
- have everyones name on the lease (whoever’s name is on the account is legally responsible for the debt).
- draw up a roster for chores.
- pay a set amount each week into a kitty, from this pay for collective expenses. (kitty = combined fund everyone contributes for and money is used for particular expenses.)
- draw up rules for visitors.
- don’t keep problems to yourself.
What is a lease?
A lease is the legal contract between a tenant and a landlord that allows the tenant to use the landlord’s property in return for rental payments. Once a lease is signed, it is a legally binding document.
What are the major costs involved in independent living?
- Establishment costs
- one off costs involved in setting
up your place. e.g. furniture.
- one off costs involved in setting
- Ongoing costs
- costs that are recurring. e.g. rent,
electricity, gas, water.
- costs that are recurring. e.g. rent,
What are the steps involved in getting a lease?
- determine type and location of premises you require.
- get copy of residential tenancy agreement from the agent.
- complete the condition report.
- you may be asked to pay a reservation fee.
- sign the lease after reading it and check it thoroughly.
- pay a rental bond, usually 4 weeks out.
- A tenant must pay the rent in advance from the first day of tenancy. (usually 2 weeks)
- Take possession of the premises (obtaining keys and moving in)
What is a residential tenancy agreement?
A residential tenancy is an agreement between the landlord and the tenant that outlines all the terms that both parties must follow.
What is a reservation fee?
A reservation fee is usually one weeks rent that will reserve the premises for a person while their application for tenancy is being considered?
What is a condition report?
A condition report is a record you make of all damages in the property so you are not liable.
What is a rental bond?
A rental bond is used to cover the landlord for any damages or repair costs if you leave the property in an unsatisfactory condition, or if you break the terms of the agreement by failing to pay rent ordon’t give notice of vacating. (if there are no damages, you get the money back when you move out.)
Who is a rental bond lodged with?
A rental bond is lodged by the landlord operated at the Rental Bond Board, operated by the NSW Fair Trading.
What should you get at the start of every tenancy before signing a lease?
- copy of your lease (tenancy agreement).
- copy of the premises condition report.
- a bond lodgement form for you to sign, so that it can be lodged with NSW Fair Trading.
- keys to your new home.
Why do people have insurance?
People have insurance to have peace of mind, as you gain financial protection against unexpected events.
What is a premium?
A premium is a price paid for above and beyond some basic or intrinsic value
