Whether you’re relocating to a new city or renting your first apartment, moving may be a thrilling adventure. To make sure that your rental experience is hassle-free and fulfills your expectations, it’s important that you take a few things into account before you sign on the dotted line. Before signing a lease, consider the following important points.
Consider the total costs
Depending on the rental property, you may also be responsible for paying utilities (heat, water, and electricity) in addition to the rent. If this is your first apartment, consider additional expenses you might incur for parking, laundry, transit, and large one-time bills like moving expenses or new furniture purchases.
Generally speaking, housing expenses shouldn’t account for more than 35% of your overall income. Use a budget calculator, such as the Financial Consumer Agency of Canada’s Budget Planner, to make this calculation easier.
Know what you’re signing
A lease, sometimes known as a rental agreement, is a legal document that binds you and your landlord. It contains the agreement’s duration, terms, and conditions. It’s crucial to fully understand the terms of the lease because you’ll need to refer to it if you ever have a disagreement with your landlord. Furthermore, it’s critical to understand that each province has different regulations pertaining to landlord-tenant interactions. Find out what terms a landlord can and cannot use by doing some research.
Security deposits
Many landlords have additional restrictions, such requiring a security deposit of some kind. Different provinces have distinct laws pertaining to this. It’s a sum of money laid aside in case damage to the rental unit occurs, normally not to exceed one month’s rent; it may also be referred to as “last month’s rent.” That money is typically used to cover your final month’s rent if you leave your apartment in the same condition as when you moved in at the conclusion of your lease.
Credit checks and guarantors
To ensure that you will be able to pay rent on time, some landlords can ask to see your credit score. A guarantor is someone who agrees to pay your rent in the event that you are unable to, and they are required by the landlord if you have no credit history or if you have had credit issues.
You can make sure that your rental experience is satisfying stress-free, and fits your requirements and expectations by taking these important considerations into account before you sign a lease. Keep in mind that choosing to rent a new location is a big decision, so do your research, take your time, and choose wisely.
Learn more about these tips at https://newscanada.com/en/renting-3f-top-things-to-consider-before-you-sign-the-lease-139135
Reference: https://newscanada.com/
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