Moving into new rental property can be a very exciting process! There is a lot of work and stress involved but it is a great moment when you finally get settled. Signing a lease is often as simple as looking for the dotted line but it is important to review the lease thoroughly watching out for any weird rules or vague statements.
Before you sign the lease make sure you know what you are getting into, it may be boring but taking the time to read it and answer a few questions is important. Here are a few questions to ask your landlord or real estate agent before signing.
How long is the lease term?
Most leases are for a year but that timeline can be different depending on the circumstances. You should also check to see what the penalties are for terminating a lease early. You never know when your situation may change and it helps to know what you are getting in to.
When is rent due and how do I pay it?
It is important to know if your rent is due at the beginning or the end of the month. And how is payment accepted? Cheque? E-transfer? Make sure you know before you move in to avoid any problems in the future.
Are utilities included?
Make sure it is clear what utilities are included in the agreement and which ones you are responsible for. This can make a big difference in your monthly budget.
Where do I park?
It is important to know ahead of time whether or not parking is included free of charge or if there is an additional fee to access the parking amenities. Some urban locations may not have any parking at all.
What sort of maintenance is available?
Depending on the location, some apartment complexes have on site property management which will take care of most issues quickly. If not, it would be good to know what systems the landlord has in place to ensure that you know who to call if something breaks.
What extra amenities are provided? Do I have to pay extra?
Amenities such as pools, fitness centers, laundry, and extra storage are available at some apartment or condo complexes and these can add value to your rental. Determine which ones are important to you and find out if they are included or cost extra.
Am I required to have Tenants Insurance?
Whether or not you landlord requires you to have a tenants insurance policy in place it is a good idea to have a policy to protect yourself. A lot of landlords are asking for proof of insurance before accepting a lease.
These are just a few tips to avoid any problems with your new rental. While it may not be very entertaining to read through you carefully you will not regret it.
If you have any questions about tenants insurance or renter’s insurance contact Absolute Insurance Brokers @ 1-877-941-2266 or contact@absoluteinsurance.ca.
