Buying a property is a totally different thing from taking a house on rent. Obviously, it’s a comparison that demands success. Apart from success, it’s sustainability for the future. We are not talking about Real Estate Canada specifically. Neither, we are talking about houses in Canada for rent, we are talking generally regards to the current situation & regards to the market fluctuations in the Real Estate business. Rentals is something that must suit you regards to the location specifically.
Some people have location preferences that matters for them when taking a house for rent. For example, if you are a student & looking for a property near your university. You would prefer a location nearby. Hence, rather than a location. That is, far from your University in terms of the commuting. Therefore, your goal in such a scenario is to be near your University. Hence, for the sake of commuting to the University easily while walking or via a Bus service. Secondly, the location preferences are in terms of work. You want a property on rent where you are near to your work. Because your work is your top most priority. These are location preferences that you must consider. Alternatively, usually are considered while having a property on rent.
Give Priority To Your Budget:
The second most important thing is the budget. A budget is a mandatory thing while going for a property rental. For the sake of analysing your budget for the property. Its best that you keep your monthly income in mind while having a property on rent. If you have a COE or Contract of Employment with a fixed income. Alternatively, you are self-employed with a regular income. Hence, then you can surely plan a budget for your rentals. Otherwise, you should be very careful while taking a step for renting a property. Just make a situation analysis keeping in mind the key factors. Here are some of the things which should be considered;
Location Preferences:
In terms of the location preferences the things which are discussed above are few aspects. Some of the additional aspects includes regards to Real Estate Investment. More specifically, property search for Rent. How attractive the neighbourhood is for the tenants. Vitally, in terms of the aesthetic and safety parameters. Proximity to the places of commerce that includes public parks & malls. Apart from this, the top most priority being the night-life.
As a tenant, just keep in mind that a low-quality house may still come at a high price. The reason being it’s an area that is close to a state university, a music venue, etc.
How Far Can You Manage The Property?
Regards to Property Management, it’s a key thing that must be considered. Specifically, that how far can you manage the property. In a rental property there are certain key aspects that as a tenant one must keep in mind. Obviously, in order to keep track of your rental property. This often means things like answering phone calls late at night during the emergencies. Making short-term repairs, etc.
As a tenant obviously, you should be aware of the surroundings and the neighbourhood. The people around you and how to take care of them while you are into property management.
You Must Know The Ideal Landlord?
Knowing the ideal landlord is the best thing while you are making a decision before renting a property. Just have a closer look at the requirements of the landlord. Apart from this, make a decision whether the person suits you or not. Landlord is the key man & understanding the needs of the landlords is a vital requirement apart from the fact that whether he is the ideal person for you or nor?
Property Rental Contract:
Another important thing which is a key aspect is a property rental contract. It’s a contract that mentions all the things. These are key aspects, that are included which are the mandatory requirement of the landlord. Prior to that the fixtures and fittings & the heating element. Furthermore, the Fridge, the TV & the microwave. Apart from this, other key things that are household electrical items and a key necessity of a contract.
Obviously, it’s not your Job contract or the contract of employment. It’s a Property rental contract which makes certain things vital for the future term associated. That is, with you and the landlord.
Can You Identify A Bad Landlord?
Identifying a bad tenant is easy. However, identifying a bad landlord is never a piece of cake. What significance is mandatory to recognise a bad landlord? If the landlord is too demanding in terms of the property values and taking care of the property. He is being caring for you and the property that belongs to him. However, if he is being over cautious and over-sensitive. Obviously, he can be termed as a potential bad landlord. You just have to find a correct balance. Thus, which is a necessity for the sake of balancing the landlord’s intelligence. Specify or identify the key aspects that relates to the contractual agreement. Apart from this, let the landlord know that you will stay by the rules of the game.
If the landlord is ignoring the mandatory repairs. Also, the maintenance works required in the property which he might have promised before. Surely, he is indeed someone who is ignorant or a bad landlord.
The House Must Suit Your Budget:
The Property you are renting should suit your budget and the Financials. You must go for the property you are looking for. Thus, only if you have a decent & fixed income. You must also plan any contingencies that are needed. Hence, in case if you lose your income or your job. Alternatively, if you are suffering huge losses in the business.
A situation or an example is the recent pandemic that came lately. Apart from this, destroyed lives of many. Especially, people suffered setbacks in terms of the job losses. The Canadian govt. announced a program known as CERS. That is, Canadian Emergency Rental Subsidy. It’s a Program that helped many people without jobs and businesses pay their rentals. Most importantly, it’s the duty of the Govt. Apart from this, the people to plan in advance. That is, the contingency planning regards to the future unpredictable situations. Hence, that can arise all of a sudden.
Rental living has its pros and cons. If you are a Real Estate agent, you would definitely be aware of the advantages & disadvantages of rental living. Most people prefer rental living for a short term period or ideally like to keep switching from one place to another. However, certain key elements are necessary to achieve while living on rental.
