In New South Wales, a rental bond is a sum of money paid by a tenant as a form of security to the landlord at the start of a tenancy. The bond is held by the Rental Bond Board, which is a part of the NSW Fair Trading organisation.
The purpose of a rental bond is to cover any damage caused by the tenant to the rental property, any unpaid rent, or other breaches of the tenancy agreement. The amount of the bond equates to four weeks' rent.
How to ensure you receive a full bond refund:
1. Maintain the Property in Good Condition:
To receive a full bond refund, it's crucial to ensure that the rental property is returned to the landlord or property manager in the same condition it was in when you moved in. This includes cleaning the property, repairing any damages, and ensuring that the property is free from any excessive wear and tear. If you're unsure about what needs to be done, it's always a good idea to ask the landlord or property manager for a checklist of items to complete.
2. Be Timely with Rent Payments:
One of the key factors that can affect your bond refund is rent payments. Ensure when you vacate the property all rent is paid to the vacate date.
3. Communicate Effectively:
Effective communication with your landlord or property manager is essential when it comes to getting your bond refund. If there are any issues or concerns that need to be addressed, it's important to discuss them with your landlord or property manager as soon as possible. This can prevent misunderstandings and ensure that any necessary repairs or cleaning can be completed before you move out.
4. Conduct a Final Inspection:
Conducting a final inspection before you move out can help you identify any issues that need to be addressed before the landlord or property manager conducts their own inspection. This can help you avoid any surprises and ensure that you have ample time to complete any necessary repairs or cleaning.
5. Keep Records:
Finally, it's important to keep records of all correspondence with your landlord or property manager, including emails, letters, and phone calls. This can help you demonstrate that you've taken all necessary steps to ensure that the property is returned in good condition and can be a valuable tool if any disputes arise during the bond refund process.
Have more questions your tenancy? Why not see the difference a dedicated team of property managers makes?
Contact us In the office on 49287400 or hello@c21newcastle.com.au we are always here for a chat.