Whether it’s your first time renting or you’re moving to a different unit, there are many factors to consider when renting. While moving to a new home can be exciting, there are a few things you should do to ensure that the process goes smoothly. Justin Podmoroff, who works as a leasing specialist with The Woolcott Team, shares his top three tips below.
1) Consider your monthly costs
You’ve put together your first month’s rent and you’re good to go, right? Wrong. Besides the monthly rent, there are a few other costs you’ll need to consider when renting. It’s important to know what to expect, because the expenses can come as a shock if you’re not prepared. Some of the things you’ll want to think about include furnishings and moving costs. Additionally, after you’ve moved in, there will be a number of ongoing costs to factor in—such as utilities (gas, hydro, water, phone, internet, and cable) along with tenant insurance. It’s a good idea to get a sense of how much initial and ongoing costs tend to total for the type of home you’re looking at in your area. This step is important because it can have a major impact on your initial monthly rental budget.
2) Remember: your deposit is due within 24 hours
Once your monthly budget is worked out, it’s time to view some potential new homes! Before you get started, ensure that you have the necessary funds on hand so you can secure your dream pad right away. Typically, landlords request first and last month’s rent as a deposit, and this needs to be submitted within 24 hours of an accepted offer to lease. Don’t worry – this deposit can only be used for last month’s rent (requesting damage deposits is illegal for landlords in Ontario).
3) Fill out the proper paperwork
When it comes to renting a house or apartment, many people are unaware of the supporting documents they’ll need. A landlord typically likes to review the following: a detailed credit report, a reference letter from your current landlord, a letter of employment, and two recent paystubs. All of these items will help the landlord determine if you’re a good potential tenant. Your Realtor will put these documents together as part of an offer to lease package for the landlord to consider. Upon an accepted offer, you and the landlord will complete the mandatory Ontario Residential Tenancy Agreement forms to ensure that you’re both protected.
If you’re interested in renting, call The Woolcott Team at 905 332 9223 today! We have an in-house leasing team with specialized knowledge in the rental market—and they’re here to protect your interests.