With steadily rising property prices, renting is becoming increasingly popular due to greater flexibility and the lesser financial commitment. Having helped thousands of people right across Ontario, we want to share our insights.
● Easier to make changes if you are not locked into a house mortgage
● Better financial stability – you clearly know your monthly expenses and can plan for them
● No maintenance or repair costs – the owner of the property is typically responsible
● Affordability – renting enables people to enjoy a lifestyle in an area they may not be able to afford to buy in
● Flexibility to move – if you don’t like the neighbourhood or if you want a different lifestyle, you can easily move once your lease expires
● Ability to diversify your investments rather than putting all your savings into paying your home loan
● No market risk – as you don’t own the property, the impact of property market fluctuations will not impact your long-term finances
● Access to amenities – many rental apartment/unit rental properties offer additional amenities like pools and gyms
● Save for a home deposit
Here are 9 steps to find a good property for rent in North Bay –
1. Define your budget
Before you figure out what you can afford to put aside for rent, you need to do a budget in general.
And if 30% doesn’t seem like it’s enough to leave room for savings and investing, make sure to put those two quadrants in your budget as well
2. Pick your suburb
Choosing your ideal suburb to live in takes more than just the ‘right feeling’. There are a number of factors that could affect not only your quality of living, but also the value of your home in the future.No matter where you’re living, it’s always good to have local amenities within shouting distance. This includes shops, recreational areas, parks and public transport. A suburb that has the basics at an arm’s reach will make for easier living and better potential for value growth in the long run.Being in the zone of a good school is beneficial not only if you have children, but it can also help ensure property growth as the area may be sought after by other families.It is important to be aware of any proposed developments, as these could greatly affect property prices and your quality of living in the area.The suburb may be slightly lack-lustre now, but if there are plans for new parks, supermarkets or urban hubs, you could be uncovering a gem that will grow in the future.
3. Search for a rental property
In today’s crazy property market where bidding wars are happening over rentals it is advisable to bring more on table like few additional months rent
4. Inspect the rental property
Rental inspections can be busy. This combined with the fact that you only have a limited time to inspect the property, and to decide if it is suitable, can make inspections challenging.Viewing a property in person ensures there are no surprises. Outside of the basics, such as, does it have the right number of bedrooms and enough space, below is a simple checklist of other things to look out for:
● How secure is the property and does it have smoke detectors?
● Overall cleanliness and presentation of the property
● Does the space fit your furniture? – It never hurts to measure
● Does it have enough storage or space to bring your own?
● Is there heating or cooling? Is it energy efficient?
● Does it have room for your white goods?
● Do the windows open and close easily?
Talk to the Website’s property manager
Your local Goho Property Manager is a great source of information. Not only can they help find you a property from their portfolio, they have a wealth of knowledge about the area that is invaluable when renting. They can share insights into average rental rates, demand for the area and the lifestyle benefits of living there.
Contact your local www.goho.ca property manager.
5. Ask about the property and contract terms
6. Complete a rental application
If you have found your rental property, you will need to submit a rental application. Keep in mind the property may be in high demand and getting accepted can be extremely competitive.
Key here is ensuring you have included all the necessary information with your application:
● Proof of identity – this is critical. A passport or a copy of your driver’s licence is ideal here
● Copy of last 2 Pay Stubs
● Letter from your Employer
● Rental history – if you have rented in the past, provide your rental ledger
● If you haven’t rented before – personal references from employers, head of student accommodation or other reliable sources will be suitable
● Financial status – determining whether you will be able to pay the rent is key to having your application accepted. Consider adding payslips and bank statements to show your ability to pay rent and strengthen your application
● References from past landlords, property managers and employers are ideal
● Talk to the property manager – putting a face to the application is always good
7. Application accepted and lease signed
A Residential Tenancy Agreement, or lease as it is called, is a legally binding agreement between a tenant and a landlord that sets out the terms and conditions for the arrangement.Do not sign the lease until you have read and understood the terms and what is expected of you as a tenant.
What should be included in a lease agreement?
● The name and address of the tenant
● The name of the property manager / landlord
● The start and end date of the lease
● The rent and when and how it should be paid
● The amount of bond required
● The length of the tenancy
● Standard terms – what the tenant and the property manager / owner can and cannot do
● Special terms – these must be agreed in advance and may include: dog must be kept outside, no smoking, garden will be maintained once a month by the landlord
8. Celebrate a great result