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Published byBranden Higgins Modified over 7 years ago
RENTING CALM 20
What is rent? Rent: The payment a tenant makes to the landlord, usually each month, for the right to live in that apartment or house.
Other terms you should know… Arrears: Unpaid rent that a tenant owes to the landlord. Bachelor / Studio Apartment: A small apartment with only 1 room used as both bedroom and living space. Evict: To force a tenant to move out of a rental home. Guarantor / Co-Signer: Someone who signs a lease along with the tenant and agrees to be responsible for paying rent if the tenant does not pay it. Landlord: A person or company who owns apartments or houses and rents them to people to live in. Lease: A legal contract between a landlord and tenant. A rental contract can also be called a tenancy agreement or a rental agreement. It can be a spoken (verbal) agreement or a written agreement. Month-to-Month: A tenancy where the tenant rents one month at a time.
Reference: Someone who can tell a landlord about a potential tenant's employment, character or ability to pay rent. A reference is not responsible for paying the rent if the tenant does not. Rent Deposit: Money paid to a landlord before the start of a tenancy as a deposit to cover any future arrears. The amount of the deposit cannot be greater than one month's rent (or one week's rent, if you are renting weekly). Tenancy Period: The period of renting a house or apartment. It is usually specified in a rental contract, lease or tenancy agreement. Most tenancies last for one year at first, although month-to-month tenancies are also common. Tenant: A person who lives in a rental apartment or house. Vital/Basic Services: Services that are essential. These include heat, hot and cold water, electricity and fuel (such as natural gas).
What you should know about renting http://youtu.be/KcLAq_cNYX4
What should you look into before renting? 1. Set a Budget 2. How to find an Apartment 3. Know what you want 4. Create a Renter’s Resume 5. What’s Included? 6. Read before you sign 7. Contract Issues 8. What to look for 9. You can Negotiate 10.Pros and Cons of Roommates
1. Set a Budget Consider how much you can afford to pay and follow the “rule” not to exceed 25- 30% of your monthly income
2. How to find an Apartment Look EVERYWHERE! Newspapers Online Facebook Group Pages Family & Friends University/College Bulletin boards
3. Know what you want Take a sheet of paper and write them down your requirements list
4. Create a Renter’s Resume Just like for a job application, a renter’s resume should include all the information to make you stand out from other applicants and to convince the landlord that you’ll be a trustworthy tenant
5. What’s Included? It’s very important to know if the rent includes heating, water, electricity, cable or Internet connection
6. Read before you sign A common mistake we usually make is not to read a contract before we sign. Obtain a copy of any rules and regulations, make sure you go through everything and before you sign the lease, check to see if these are mentioned: The beginning and the expiration date The rental price and information about your security deposit What are the reasons for which your landlord can terminate your lease contract Are there any penalties for moving out of your apartment before the expiration date? Are there any responsibilities on your head for repairs and such? Is subletting allowed? Is there a policy about guest visitors? Pets?
7. Contract Issues It’s a big move so you have to make sure you’re covered on every aspect so never sign a lease without seeing the apartment even if it’s a bargain. Second, don't sign a contract that has an automatic renewal clause, because you may not know what’s going to happen next year. keep away from a lease that gives the landlord unlimited access without notification. Tenants have their rights and a landlord should be permitted without notice only in case of emergencies.
8.What to look for Pipes (water, gas, etc.) Sink faucets, shower heads and water Electricity and appliances Walls and windows Noise
9. You can Negotiate It’s very important to know some basic information about the landlord
10. Pros and Cons of Roommates Having a roommate can decrease your rent but be careful whom you choose as a roommate
Canada Mortgage and Housing Corporation Rental Unit Check List http://www.cmhc- schl.gc.ca/en/co/reho/yogureho/salewo/salew o_002.cfm http://www.cmhc- schl.gc.ca/en/co/reho/yogureho/salewo/salew o_002.cfm Rental Apps http://appadvice.com/appguides/show/house- and-apartment-hunting-apps http://appadvice.com/appguides/show/house- and-apartment-hunting-apps
Rent Assignment Worksheet
Exit Slip What is the MOST important thing to you in a rental property? Why?
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