The hot Vancouver real estate market has made many people millionaires. While many sellers have bought another property, others have not considered buying and have decided to rent instead.
If buying or selling a home is a big decision, finding a house or apartment to rent is not in any way smaller. This is what many ex-homeowners and first time renters don’t realize. The home you rent will affect your life and lifestyle.
So here are some important questions you MUST ask before you rent:
What is included in the lease?
You should read the lease terms very carefully. If you don’t understand an aspect of the lease, you must get clarification from the landlord. Important questions concern:
– Length of lease
– Amount of security deposit
– Rental increases
– Early lease termination
Are pets allowed?
If you have a pet, this is probably one of the first questions you must ask, because unless you want to give up Fido, you will not be able to move in if pets are not allowed. There is usually a fee for pets.
What are the penalties for early lease termination?
If you are renting and looking for a home to eventually buy, this is important to know, because you may find a home and want to move out before your lease is up. Usually, there is a prescribed penalty for breaking a lease. Avoid landlords who do not allow you to break the lease for any reason.
Will I be able to renew the lease?
Some landlords will eventually plan on selling the property or moving in themselves. Try and be aware of the landlord’s intentions, especially if you plan on staying for a few years. There is nothing worse than moving twice in a year!
Which utilities/services are involved?
Some utilities may be covered by the rent, and others may not. In many apartments, heat, water and gas are covered. In homes, this may not be the case. If there is a garden who is responsible for its upkeep? What about minor repairs? Make sure you are aware of what your rent includes.
When is the home vacant?
If the home is available September 01 and you cannot move in until October, then the rental will not work out. Sometimes the landlord will be flexible especially if he/she feels that you are the kind of tenant he/she is looking for. However, with the current shortage of and demand for rental space, it would not be expedient to delay the possession date.
What is the maintenance policy?
You need to rent from a proactive landlord who will make the necessary repairs in a timely manner. You should be able to get a good idea of the landlord’s actions by noting the existing the condition of the property. Make sure you point out and document any defects before you move in.
What is included in the rent?
You should ask about what appliances, furniture etc. are included in the rent. Make sure you inspect the appliances in a very thorough manner. Taking an inventory of what is included and getting the landlord to sign is a good practice.
Will it be possible to make changes to the décor?
Most leases require you to return the property in the same condition as you receive it. Some landlords require written permission before any painting, putting up wallpaper or other forms of decorating are performed. Make sure you are aware of this, or you may risk losing your security deposit.
Virani can help you find a collection of homes, apartments, townhouses and penthouses for rent. We are industry leaders in the Vancouver Real Estate market and therefore you have the comfort of knowing that you are getting good value for your dollar when renting through us. If you are currently looking to rent, please complete and submit our form or call 604-695-1000. Our Property Rental Specialist will contact you shortly.