7 Things You Must Know Before Renting an Apartment
Moving to the new apartment can be very exciting but finding the new apartment could be a daunting task. There are things you should consider before you take the big step, so here are our some picks to make sure you’re prepared before you sign your name:
1. Set your Budget:
Always consider how much you can afford to pay and follow the ‘rule’ not to exceed the 30% of your monthly income. Focus your search according to your budget. If you’re looking for a cheaper place to rent, try roommate services to share an apartment, but make sure you know what type of people or habits you’d prefer to avoid.
2. Educate yourself on the neighborhood:
Before renting an apartment or Condos for rent Canada, check out your neighborhood. Are there any safety issues? Also consider the factors like street noise, privacy, lack of view, and natural light. Apartment near the public transport (bus station, train station) is in higher demand and more expensive.
An apartment can usually be leased for a term of 1 year or 6 months. By signing a long- term lease, both you and your landlord are agreeing to your long term occupancy. It is also possible to get a month-to-month rental, but your rent will be most likely being higher.
You should carefully review the apartment lease agreement. It is a legally binding document.
Apartment or room rental agreement may include:
- Rental amount and terms.
- Amount of deposit (usually one month’s rent).
- Duration of occupancy such as 12 months, 6 months etc.
- Rules of conduct while living in the apartment.
- Guest policy.
- Parking policy.
- Amount of rent to be paid and its monthly due date.
- Termination requirements.
- Whether any subletting is allowed, and if so, the subletting rules.
- What utilities are included in rent.
- If there are any repairs to be completed by the landlord before you move in, due dates for the same.
- A statement that the landlord has a right to enter at reasonable times to inspect, for maintenance and to make any repairs. However, the landlord can’t enter without your prior permission.
4. Rules for breaking lease:
Before you sign your lease, understand the terms for lease breaking (or termination) very clearly. You may have to give 1 or 2 months of advance notice (or pay rent for 1 or 2 months) or you may lose your security deposit. Also, sometimes the landlord may charge you one month extra rent (or for each month until your lease is over).
Depending on your need and budget, you will look at the various rental options and decide accordingly. Depending on the family size, you may require a certain size of rooms for rent or apartment for rent. Usually for the basements for rent in Canada is of less price as compared to the first or second floor.
You always need to consider which utilities are already included in the rent. Various utilities to think of are gas, heat, water, electricity, trash removal etc.
7. Inspect your apartment first:
Before, you move into your apartment or room on rent. This will ensure you are not held responsible for that damage may already exist. This inspection should be done with your landlord. Document and photograph any visible property damage.
Keep your budget in mind and then pack!