6 Things to Consider When Renting a Condo in Toronto

By Chad Bessey Blog No Comments on 6 Things to Consider When Renting a Condo in Toronto

Finding the perfect condo to call home in Toronto is an exciting time, whether you’re dreaming of exciting urban locations, stunning city views or luxurious amenities. However, it can also be a stressful time, and there are a few things you need to know to ensure that everything runs smoothly. Read on for our top tips to find your ideal match and avoid making some common mistakes.

1. Choose your neighborhood wisely

City of torontoToronto is made up of many neighborhoods, each with a unique personality – that’s one of the things we love about the city! Research your areas before you start home-hunting to avoid making a huge mistake. Think about what attractions are available in each neighborhood, how close they are to your workplace and what transit options are available.

If you’re willing to commute, then you may be able to find a more affordable home outside of the more sought-after areas, but this isn’t a decision you should take lightly!

2. Decide what you will and won’t compromise on

Unfortunately, in Toronto’s hot real estate market there’s a good chance that your dream condo may not be available at your dream price. Decide on a budget and stick to it. Decide if you can compromise on location, space, number of bedrooms and amenities beforehand to avoid doing something you’ll regret.

3. Be prepared

This fast-paced rental market doesn’t allow you the luxury of thinking time. If you know exactly what you want, then it will be easier to make a quick decision which you’ll be happy with in the long run. Have all of your required paperwork and references ready and bring them to viewings, along with your checkbook, so that you’re all set to get ahead of the competition.

4. Know your rights

Check out the Residential Tenancies Act before viewings, and before agreeing to everything your potential landlord asks for. You don’t want to end up agreeing to something which may come back to bite you in the future for the sake of snapping up a great place quickly.

5. Find out what’s included

giving the home keysAssuming that a parking spot and storage locker are included in the price is a terrible mistake. If they’re not included, they may be available for an extra cost which you’ll need to factor into your budget. On the other hand, if they are included, and you don’t require them, find out whether or not you can rent them out for extra cash. Find out what amenities are available in the building, too, as this can affect your decision and even your budget if it means, for example, canceling your gym membership.

6. Research the building

There are several things you may not know about a residential building unless you go out of your way to find out. Do they, or have they ever, had issues with pests? What are the rules of the building? You will be expected to abide by the rules, and they could have a significant impact on your life.

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