Welcome to Flatting 101
Here's a list of everything we wish someone had told us before we signed the lease.
Moving into your first flat is an exciting milestone, but figuring out rent, power bills, and shared expenses can quickly feel overwhelming. We’ve been there! That’s why we put together the ultimate guide packed with practical tips, from setting up flat bank accounts to handling bond photos, so you can skip the stress and focus on enjoying your new home.
People have different experiences/expectations about money so knowing what these are before you sign your flat is a great way to have an easy-going tenancy. Talk to your potential flat-mates about what they want to do with payments and flat bank accounts.
Most bank's will allow multiple bank accounts, use this too your advantage. Having a bank account where all the money sits makes it easier if unexpected costs pop-up and you can make bill payments direct debit out of this account (less for you to think about!). We recommend having seperate rent and bill accounts
Having a "flat-fee" that goes into the bank account every week creates reliability for bills . Depending on the size and total amount for bills spent, $20 per week is a good way to start. This money going into the flat bank-account means there is less stress on the administrator if a big bill comes in
If your power company provides the option of Smoothpay it can be a good tool for big flats due to the reliability of bill prices. Smoothpay works so no matter your power usage your bill remains the same. This is especially helpful in large flats and also creates reliability for bills
At the start of your tenancy, taking photos of the current state of the flat is essential to getting your bond (definition) back at the end of the year. Landlords are able to remove money from your bond if they believe you have caused damage to the property, on some occasions you may have caused the damage - on others you have not. A photo from the beginning of your tenancy can be used as proof to show you did not cause the damage.
With life happening it can be easy to forget about payments that need to be made. When you get a reminder from flat-tak you can make a payment straight away but you could also have the money automatically come out of your account. This means that you never need to worry about missing a payment and you can click done when the payment has been made!
This is an important step to flatting! Making sure the companies you choose, fit your needs can help you save money in the long run. Do you want to have power, wifi and gas all run by the same company? What is the cheapest option for your flat? Is gas used in your flat and if so, is it for cooking and heating or just one?
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