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What You Need to Know When Renting A Home or Apartment in Canada

 

Relocating to a new place can be quite a hurdle. Most especially when you have absolutely no idea what to expect in terms of rentals and what not’s. That’s why in a bid to make your relocation efforts a little less hectic we have compiled a few important things you need to know when you rent a home or apartment in Canada

  1. Understand the expenses included in the rental rate

Although other places might have a slightly different way of doing things, in Canada, the rental rate is often tagged to a number of different expenses. For instance, in some instances, the rental rates may be inclusive of stuff like parking, utilities, and other similar expenses while some rental rates may have none of that. The beauty of having reviewed this kind of information prior to making a decision is that it gives you an opportunity to decide on which rental option would be more suited for your budget.

       2. Get a renter’s insurance policy

A lot of folks may not know this but a renter’s insurance is actually an option for tenants in Canada. However, there’s only one catch. Some landlords may actually require you to purchase a minimum amount of coverage in accordance with the terms of the lease. And even when you do agree with the terms, this property insurance policy will only cover damages to the property itself and not provide for losses you incur for your personal items. One of the perks of getting yourself a renter’s insurance (also known as tenant or content insurance) is that it can covers your clothing, furnishing and any other items that may be damaged in the fire, flood or any other significant event.

       3. Understand the rental rates

It’s no secret at all that rental rates vary significantly from apartment to apartment regardless of the distance and location. And while there are a myriad of other things to put into consideration when choosing a suitable house, one thing's for sure, you will definitely want to find the best deal when all things are considered. I mean if your budget is a little limited and you have found yourself a house that fits the bill in as far as quality space, affordability, size, and amenities are concerned, then, by all means, go for it. Nonetheless, for you to find the best deal in town, you have to have shopped around quite a bit so as to compare prices and offerings.

      4. Find out which appliances are included in the rental

If you're thinking of relocating to Canada, then it's best for us to mention at this point that landlords are required to provide you with a fridge or stove at the very least. However, some landlords may feel generous enough to add a few appliances and you should find out exactly which appliances are being provided before you sign the lease. And if you can save yourself a few bucks just by choosing a house that has some of the necessary appliances, then why not!

Whether it’s an apartment, condominium or a home that you want to rent in Canada, learning a little bit more about renting will help you find the right space for your needs and your budget.



 

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Toronto Real Estate Board - IDX Last Updated: 4/21/2018 1:33:53 AM