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Posted March 5, 2019 by Rental Advisor

How to Select the Right Rental Condos

Finding the right rental condo is always a tricky task. There are so many aspects that you need to consider to get the right one. But sometimes, when the time is less, you tend to miss out on some crucial things and regret later. So, if you are looking for the right rental condos, we have something for you. We have mentioned certain tips so that you can rent the right condo with minimal hassle.

Write Down Your Needs

Before you go on the search for rental condos, you need to be well aware of your needs. Take a paper, and write everything that you need or want while living in the condo. Decide what your ideal condominium house should look like. This is the time where you can figure out the things that are important and the things that you can skip. Mention what kind of utilities and amenities you are expecting while living in a condo, something like a badminton court, swimming pool, transportation facilities around, etc. Once you identify your needs, you will be able to go in the right direction of finding the best-suited rental condos.

Calculate Your Finances

Now that you have selected the locations and researched the prices of various rental condos, you now need to calculate your finances. Find out how much you can pay from your pocket. For the remaining amount, you can consider various financing options such as getting a loan or a mortgage. If you have decided to get a mortgage, you need to show the credit history, know the mortgage rate provided by the bank, and decide the type of mortgage you want to opt for. Based on how much you can afford and the mortgage you will get, find houses that fit within your budget.

Create a List

Once you have written your needs, narrow down your search. Out of the many rental condos, list down a few that you like the most and that is closest to all your expectations. Create a list of places that fulfil your needs. Keep in mind the affordability by comparing monthly costs. Include only those options that also fit within your budget.

Know the Ownership of the Rental Condo

In Canada, you have a condominium unit owned by the condo owner (landlord) or a condominium corporation. You need to know the ownership of the condo you are considering as you will be coordinating with the landlord or corporation’s representative and giving their association fees accordingly. Knowing your owner’s details is beneficial in any situation so that you reach out to the right person. It is best to deal with the owner directly to have a responsive and quick action during emergencies.

Be Aware of the State and Local Laws

You need to know the state and local laws to be aware of the tenants and landlord responsibilities. Visit the Canadian Mortgage and Housing Corporation to know the laws and understand how they may affect you. By understanding the laws, you can find out if the owners of the condos you are considering follow them well or not. If you find an owner who doesn’t follow the rules, skip them and look for another property.

Visit the Neighbourhood at Different Times

You need to keep in mind that every neighbourhood has a different face during the day and night. View the neighbourhood of condos you are considering to have a greater outlook of your neighbourhood. You may notice some things in the neighbourhood (for instance, nightclubs in the area) that won’t be visible during the day or the kind of possible troubles that might endanger your safety. Also, visiting the neighbourhood at different times helps you know if the environment is suitable while you commute to your office and back during different hours of the day.

Avoid Choosing a Condo Facing a Courtyard

Some rental condos share a common courtyard with other buildings or condominiums. In these cases, you may have your future house facing someone else’s window. That means the opposite condo can easily invade your privacy! Therefore, select a condo which doesn’t face the courtyard to protect your privacy.

Check the Amenities

It is essential to have everything that you may need around your house. Look for rental condos that have a few options of schools, markets, hospitals, restaurants, medical stores, and other useful amenities around them. Also, look for public transport options around the property to understand how easy or how difficult the daily commuting will be.

Know the Fees and Monthly Payment Covers

Clarify the rental amount, utilities, in-condo repairs with the agent or the landlord of the condo. Make sure they also mention every important aspect such as move-in and move-out fees, deposit reserved, and application fee paid to the association. Opt for a condo whose final cost, inclusive of all these additional expenses, fit within your budget.

Doing all these things on your own can be a lot of work. Make sure you hire a real estate agent to find the right condominium so that the entire process becomes less hectic and time-consuming. A licensed agent will only find you those rental condos that meet your expectations and save a lot of your time.