Sun
If you’re in the market to rent your next home, chances are, you’ll end up having to make a few compromises when it comes to choosing the neighbourhood, features – and price range.
To help you make the best decision, it is a good idea to make a thorough list of all your needs, and preferences before you begin your search.
For most of us, one of the most important considerations is cost. While the basic monthly rent is an obvious cost, there are also many other less-visible expenses that are often overlooked, but which can easily add up over time. When figuring out how much home you can afford, don’t forget to consider such questions as:
– Are utilities like heat, electricity, water, cable television and Internet connection included? If these costs aren’t included in your rent, find out which utility companies provide services to the building, and contact them to see if they can give you an estimate of the average monthly costs. Of course, the exact costs will fluctuate in different seasons and from tenant to tenant, but these estimates should at least give you a good idea of how much you need to budget on a monthly basis – and help you avoid any unwelcome surprises later.
– Are extras such as laundry and parking included, or will you need to pay more for these services?
– Will your monthly travel costs increase, decrease or stay about the same at the new location?
– Will you need to purchase or provide your own appliances?
– Is there any form of provincial or territorial rent control in place? If not, what are the landlord’s plans for future rent increases?
How much you can afford to spend on rent depends on a number of factors, including your overall household income, how much debt you or your family are comfortable with, how important your lifestyle is to you and how much money you want to put aside for the future. As a general rule, however, your entire monthly housing costs – including rent, electricity, heat, water and other municipal services – should total less than 30 per cent of the before-tax income of your household.
This doesn’t include the cost of home content insurance, parking, cable, telephone and Internet service, each of which should also be figured into your budget if you plan on using them. If you can’t find a suitable place in the area where you’re looking that meets your price range, you may want to revisit your list of preferences, and decide if there are any other cost-saving measures you can make.
After cost, location can be the most important factor driving a rental search. Prime locations that are close to work, schools, public transit and other services and amenities usually cost more, but they may also offer other advantages, such as convenience, and reduced commuting time and expenses.
Other important considerations in choosing a rental home are the safety of the building and community, as well as the proximity to family and friends. To help you decide, prepare a list of locations that best match your needs, and then add another list of secondary locations that you could also consider if necessary.
Finally, consider the type of place you could comfortably see yourself coming home to each night. From rooming houses, walk-up apartments and high-rise buildings, to attached, semi detached or detached houses, there is a wide range of rental accommodation available on the market today to suit almost any budget. By deciding which kind of home you’d prefer in advance, you can save yourself a great deal of wasted time and effort, and move into your new home that much sooner.
For practical, reliable and up-to-date information on virtually every facet of renting a home for both tenants and landlords, visit www.cmhc.ca.
© The Vancouver Sun 2008
