It takes research, communication with property managers and landlords, as well as securing references to find the right apartment for you.
If you don’t know where to start, this can become a tedious task, especially when you don’t know about the key rental laws as well as getting proception with tenant insurance.
McDougall Insurance and Financial, the largest insurance brokerage in Eastern Ontario, is here to provide you with a range of helpful tips. As experts in the field, we they are dedicated to assisting you with your insurance needs. Here are some valuable tips from the team:
Search Thoroughly
There are many ways to find rental apartments or houses in Canada. These include Craigslist and local newspapers. Renters often find their new home online. It is important to be cautious when using the internet. Many scammers use listings websites to make their claims. If it sounds too good to be true, it probably is.
You should be aware that not all rentals come furnished in Canada. Make sure you budget for essentials like furniture, dishes, and utensils as well as linens and cleaning supplies.
You should budget for a pet if you plan to bring one with you. Some landlords might ask you to pay an additional fee.
Budget Wisely
If you are looking to move out on your terms, your credit score could be a factor. To ensure that you pay your rent on time, some landlords will check your credit reports.
A landlord might ask for a guarantor if you don’t have a good credit history or have been in credit trouble. A guarantor usually is a parent or guardian who has a strong credit history. If you are unable to pay your rent, the guarantor will pay for you.
Renting out too much can make it hard to pay for other expenses and save money for the future.
Your household-related expenses and rent payments should not exceed 35% of your household gross income. Your gross household income includes all income received before taxes and deductions. If your monthly gross income is $4,000, you should limit your housing expenses to $1,400 per month.
Know the Rules
Canada’s leases typically last for one year, but they are also available for shorter terms or month-to month. The contract can be renewed after one year. These terms should be discussed with the landlord prior to signing.
The rules regarding rent increases vary from one province to the next. A cap is set by the government in certain provinces and can change each year. A cap is not mandatory in certain provinces, like Alberta.
In Ontario, the limit is currently 1.8%. The limit for British Columbia was 2.5%. Approval is required for landlords to raise rents beyond this limit.
Rent increases cannot occur more than once every twelve months. Tenants must be notified by landlords, usually at least 90 days prior to the change.
Other expectations of landlords include collecting rent, providing you with all that is stated in your rental contract, giving you notice before entering your home for any reason, including renovations, or showing your space off to potential tenants if they are moving out.
It is important to be familiarized with the law and your rights, as a tenant which can vary from one province or another.
Choose the Location Wisely
Are you looking for a specific area or a particular neighborhood? You can narrow your search by criteria such as Close proximity to schools and/or work, whether you’ll need to park your car and/or have a vehicle, If you plan to rely on public transport, choosing to live downtown or in a residential are, you have a pet and need a pet-friendly building.
These factors will help you to determine the pros and cons for each area, which will assist you in deciding where you want to rent.
Protect Yourself with Tenant’s Insurance
Tenant insurance, also known as contents insurance, renters’ insurance, or apartment insurance, provides you with the same benefits as a homeowner’s insurance policy, but does not cover your physical dwelling. Your insurance only covers the building.
There are generally three types of coverages for a basic tenant insurance policy: contents insurance, liability insurance, and additional living expenses.
McDougall can help you find the right tenant insurance, whether you live in Ontario or elsewhere in Canada. Get a personalized quote for tenant insurance online in just five minutes. All from your couch.
Get enough insurance to cover your possessions that could be damaged or lost, causing any damage to the rental unit by accident, and liability insurance for visitors who are at risk of injury at your house.