Renting For Canadians For Dummies

Useful guidance at all stages of the renting process Renting For Canadians For Dummies helps soon-to-be renters feel confident navigating the multi-step renting process. Inside, you'll learn how to find a place that works for your needs and budget, get your security deposit back when you move out, and everything in between. In straightforward language, this book helps you feel prepared for any surprises that might crop up during the renting process. Real-life scenarios and realistic advice make this an essential resource that you can turn to time and again for reliable, comprehensive renting advice. Find safe, legitimate rental property listings, and avoid overpriced rentals and scams Get Canada-specific information for dealing with application criteria, negotiating a lease, securing tenancy insurance, and advocating for yourself Learn what makes condo living different for tenants—and sometimes better! Discover creative ideas for sprucing up your new space, without knocking down any walls Anyone in Canada who needs a refresher on the complex renting process can find the information they need in this book.

Introduction 1 About This Book 1 Foolish Assumptions 2 Icons Used in This Book 2 Beyond the Book 3 Where to Go from Here 3 Part 1: Getting Started with Renting 5 Chapter 1: Understanding the Basics of Renting 7 Comparing Renting a Place to Buying a Home 8 Getting an Overview of the Rental Process 9 Figuring out what you want in your new home 9 Searching high and low for the perfect place 10 Applying to rent a space 10 Signing the lease and paying upfront costs 11 Moving and settling in 12 Taking on Life in Your Own Apartment or Rental House 13 Enjoying a range of amenities 13 Living in peace with your neighbours 14 Working with a property manager 15 Considering maintenance, repairs, and decor 17 Renting Space in a Private House 18 Living with your landlord: Pros and cons 19 Being mindful of others 19 Contacting your landlord when necessary 20 Renting Your Way to Home Ownership 21 Knowing the pros and cons of rent-to-own 21 Qualifying to rent to own 22 Drafting the rent-to-own agreement 23 Chapter 2: Evaluating Your Rental Hopes and Realities 25 Considering What You Want from a Rental 26 Building style: Old, new, or something in between? 26 Determining how much space you need 28 Looking at amenities: Luxurious, scant, or middle of the road? 29 Determining the commute times and convenience 30 Deciding on a party city or a quiet area 31 Running the Numbers to See What You Can Afford 32 Sizing up your salary 32 Factoring in costs beyond rent 33 Understanding How Landlords Determine Your Eligibility 33 Getting help from a few important documents 34 The 40X-the-rent rule 35 The 30 percent rule 36 Calculating your debt-to-income ratio 36 Balancing Your Wants with Your Financial Reality 37 Chapter 3: Considering Types of Buildings and Neighbourhoods 39 Recognizing Building Types 40 Assessing a building’s age 40 Understanding apartment types 41 Going beyond purpose-built rentals 43 Moving past apartments: Single-family homes 45 Trailer park ploys 47 Understanding What Distinguishes Neighbourhoods 47 Investigating the price range 48 Checking out neighbourhood parks 48 Getting a taste of the restaurant scene 49 Sizing up public transportation options 50 Discovering cultural attractions 50 Accommodating Fido and Fifi 51 Part 2: Hunting Down the Perfect Rental 53 Chapter 4: Let the Search Begin! 55 Warming Up with Some Preliminary Legwork 55 Searching for rentals online 57 Driving or walking around neighbourhoods 57 Viewing Potential Properties 58 Setting up appointments 59 Meeting leasing agents and property managers 59 Making the most of your tours 60 Working with a Rental Agent 62 Chapter 5: Application Time 63 Gathering Documents for Your Prospective Landlord 63 Breaking down the necessary documents 65 Providing financial statements 67 Supplying an employment verification letter 68 Granting permission to pull your credit report 69 Authorizing access to view your tax returns 69 Finding a Guarantor (If Necessary) 69 Understanding the importance of a guarantor 70 Using a guarantor in certain situations 70 Making sure your guarantor is qualified 71 Submitting Your Application in a Professional Manner 71 Getting the Verdict of the Landlord 72 Getting good news: You’re approved! 72 Getting bad news: The search for a space continues 73 Chapter 6: Signing the Lease 75 Acknowledging That Your Lease is a Legal Document 76 Reviewing key elements in your lease 76 Signing a multi-year lease 78 It’s Official! Knowing What to Expect When You Sign Your Lease 81 Making Payments 82 Knowing what you pay at the lease signing 82 Paying rent every month by cheque or electronically 84 Taking action when you can’t pay the rent 84 Part 3: Settling in to Your New Home 87 Chapter 7: Congratulations! You’re Moving In 89 First Things First: Getting the Keys and Taking Another Tour 90 Hiring Movers with Minimum Hassle 91 Knowing what movers can (and can’t) do for you 91 Researching and asking questions of moving companies 92 Scheduling the move 96 So Much Stuff! Packing Your Belongings 96 Getting rid of what you don’t want or need 98 Boxing up items in specific rooms 99 Chapter 8: Footing Expenses Beyond Rent 101 Keeping the Utilities On 101 Knowing which utilities the rent includes 102 Setting up utility accounts 103 Paying for utilities 104 Purchasing Renter’s Insurance 105 Knowing why you need renter’s insurance 106 Getting referrals and researching renter’s insurance 107 Walking through the insurance buying process 108 Paying for renter’s insurance on a regular schedule 109 Chapter 9: Accommodating Humans and Other Creatures 111 Sharing a Wall with Your Neighbours 111 Staying mindful of noise 112 Being a considerate neighbour 112 Dealing with problems created by your neighbours 114 Living with a Roommate 118 Weighing the pros and cons of roommates 119 Advertising for a roommate 121 Interviewing potential roommates 123 Picking the right roommate 124 Getting your new roommate’s documentation 125 Making Accommodations for Fur Babies 125 Familiarizing yourself with the pet policy 125 Paying a pet deposit 126 Being a responsible pet owner when you live in a rental 126 Chapter 10: Drip, Drip: Getting Help When Things Go Wrong 129 Making the Property Manager Your New Best Friend 129 Understanding the property manager’s role 130 Contacting your property manager at the proper time 131 Working well with your property manager 132 Knowing Who’s Responsible for Which Maintenance and Repairs 134 Recognizing what you need to maintain in your rental home 135 Understanding what the landlord or property manager should handle 136 Taking Action When Something Breaks Down 137 Finding a leak in your ceiling 137 Dealing with a stove (or other large appliance) that isn’t working 138 Fixing a clogged pipe 139 Restoring the heat or AC when it goes out 139 Encountering and Eliminating Pests 140 Chapter 11: Renewing Your Lease 143 Staying Put in Your Current Rental Home 145 Knowing what to do so you’re offered a lease renewal 145 Expecting a rent increase 146 Negotiating a better deal 148 Moving On 149 Leaving on good terms 149 Getting back the money you’re owed 150 Knowing what happens when you break your lease early 152 Part 4: Enjoying Life in Your Own Place 153 Chapter 12: Following the Rules and Staying Safe 155 Knowing That Rental Rules Aren’t Meant to Be Broken 155 Looking at typical rental guidelines 156 Facing the consequences when you break a rule 163 Staying Safe When Living in Close Quarters with Others 164 Being prepared for fires and other emergencies 164 Making sure to lock doors and windows 165 Becoming familiar with your neighbours 166 Reporting something suspicious 166 Chapter 13: Decorating Dos and Don’ts 169 Making Cosmetic Changes to Your Place (If You’re Allowed) 169 Styling Your Rental, or at Least Making Sure Everything Fits 171 Deciding on a look upfront 171 Measuring to make sure everything fits 172 Picking functional pieces 173 Making your space more stylish 173 Finding inexpensive furniture and decor 174 Arranging Wall Decor 176 Adding Easy Upgrades to Your Rental 179 Part 5: Part of Tens 183 Chapter 14: Ten Things To Know When Your Rental Is Up for Sale 185 Your Current Lease Remains in Force 186 Your Rent May Increase on Sale 186 You May Need to Open Up Your Space for Potential Buyers 187 Your Lease Terms and Rights Are Transferred with the Sale 187 You Receive a Notice of New Ownership 188 You Can (and Should) Research the New Owner 189 Your Security Deposit Transfers to the New Owner 189 You Can Ask About Capital Improvements for the Building 190 You Must Pay the Rent as Usual 190 You May Be Eligible for Compensation 191 Chapter 15: Ten Things About Condo Living 193 Two Sets of Rules 194 Two Property Managers 194 New Finishes (Usually) 195 Pride of Ownership 195 Pet Restrictions 196 More Amenities 196 More Expensive 197 More Secure 197 More Parking 197 More Convenient 198 Chapter 16: Ten Things About Renting as a Family 199 Suite Shortage 199 Beyond Apartments 200 Going Big by Going Home 201 Yard Work 201 Neighbourly Relations 202 Studying Up on Schools 202 Service-Oriented 203 Community Centres 203 Budgeting for Success 203 Cultivating Community 204 Index 205