Image Source: Pexels
For some people, renting a space and calling it home in Toronto is a much more economical option than buying property. However, this brings us a few things that, as a tenant, you need to consider before you decide to live in a rented place.
For your convenience, here is a list of a few very important things you need to consider before renting in Toronto.
First and foremost, you need to calculate your budget and see what places you can rent in Toronto and where. You may even decide to have a smaller space if you want to live in a particular place in Toronto. Or you may rent a place with more space but in an area you may not like for a low rent per month.
This is one of the best renting in Toronto tips: ask yourself what really matters.
You need to be honest and have a conversation with yourself about the things you actually care about while renting a space. Is it the location you’re worried about? Do you want a big space or a small, cozy apartment? Do you care about the age of the house? Are you looking for better amenities?
Ask yourself these questions and figure out where you can compromise and where you can’t. Once you know what you want, finding a place with the same features would become easier.
It is important to know that it is the responsibility of a landlord to pay for real estate agents. Therefore, in case you get in touch with a realtor, you will be connected with excellent properties within your budget while bearing no costs.
However, there is one caveat to this: you may get spaces with higher rents through these real estate agents. But, if you’re looking for spaces that are downtown condos and you don’t mind the higher rent then go for it!
If you’re thinking about living in a friendlier, family-oriented area, you may look for parts or floors of houses available for rent in an area. If you’re thinking about getting a space close to work, you may search for a condo near it. Moreover, if you’re a student, you may look for houses near your university with short terms and multiple dwellings available.
In each of the houses or apartments you’re viewing, consider the prices and the difference in amenities offered, and choose the one that best suits your needs.
Another one of our Toronto tips is that you must walk through the buildings and inspect spaces before you decide to rent a particular place. Note if common spaces are tidy, facilities are cleaned, baseboards or walls are not broken, and other indicators that show how well the building is handled. You can even talk to people living in the apartment if they feel approachable. Speaking to people who live there will always help you. You can also get in touch with the administration of the building to ask a few questions you like.
A common question tenants have is whether or not the rental space is noisy—both from the inside as well as the outside. If you find out that the property you're renting is way quieter than you thought it might be, there's not really anything that you can do about it. However, you might be able to inquire if you might spend some time in the apartment just to check. An hour or two would give you a beautiful understanding of what you're in for!
You would definitely need to offer the landlord with a series of records, including but not confined to a background report, evidence of work, and references of character. For any rental unit that you are engaged in, have copies prepared and organized. It's definitely a smart thing to be prepared in your partnership with a prospective landlord. Also, if they inquire for it, you will be more secure knowing you have your necessary documents available.
Rooms or buildings are officially quoted for rent a couple of months before the date of the actual move-in (for example, an apartment that is advertised on September 1st, becomes available on November 1st). Also, one of the most important renting in Toronto tips is that mostly rentals start from the first of each month. The fall season is a busy time in a city like Toronto, so you want to make sure that you’re planning accordingly. Make sure to prepare, plan, and then execute!
Just as landlords have insurance of their property, tenants can also get insurance on their belongings as they rent a place to live. This protects the tenants in case of relocation due to incidents, liability, burglaries, and much more. To learn more about tenant insurance, read this post.
More likely than not, you’ll move into a space previously rented by someone else. In this case, there may be a few utilities that you may require to be transferred to you from previous tenants. One of these utilities is the hydro. If you require hydro transfer, you can get it done online and have the confirmation within a few days.
This article discussed renting in Toronto tips.
Before you decide to rent a space in Toronto, you would have to research, visit properties, contact a realtor, see how you like a particular place, compare properties and prices, prepare your documents, get tenant insurance, and ensure a good transition.