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Description
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.
Table of Contents
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
