Apartment Hunting Tips
1. Talk to the neighbours if you see them. They’re the best source of information on the area. Also they may be able to tell you what the building and landlord are like.
2. If parking is important to you ask about it. Even if this apartment does not come with parking, the landlord might have a parking lot at another building just around the corner. He will also know if there’s free parking on the street.
3. Stay on budget! A nice new apartment can be very tempting, but… The old rule of thumb is to spend only 30% of your income on rent. Of course this depends on what’s included with rent; are you saving money and an irritatingly long commute by moving closer to work? Once you’ve determined how much you can afford, stick to it.
4. Read the lease, all of it. If you need to, ask for a few moments to review the lease. A good landlord will be impressed that you understand you are signing a legally binding contract and want to understand it first.
5. Report any items for repair immediately. If the landlord didn’t note it in the “in inspection” it might later be assumed to be your damage.
6. Upon moving in, buy renters insurance. You need “replacement cost coverage” renters insurance. It costs $20-$40 and provides such peace of mind. Without it you’re trusting not only you but every other tenant in the building, not to ever leave a burner on or overflow their bathtub.
7. Make friends with the neighbours (use your instinct and avoid the troublemakers). At least a couple people in your building will be decent trustworthy people and someday you can ask them to watch your place while you’re on vacation or collect your mail while you’re away for work. They might even lend you a cup of sugar!