MY MEDALLION
In a competitive market with a world of factors like price point, amenities, utilities and more to take into consideration, apartment hunting can feel overwhelming. But with the right tools and insights, you can ace this quest like a seasoned professional. Prioritizing your needs and asking the right questions can make the difference between endless searching and securing your dream space.
Here are some important things to take into consideration during your apartment search:
Consider Your Budget
When embarking on your apartment-hunting journey, one of the most important things is to have a clear understanding of your budget. Beyond the obvious rent, be mindful of potential changes in utilities like hydro, heat, laundry, and wifi. It’s important to enquire about these details as what’s included in your rent will vary from place to place. Don’t forget to factor in additional costs like parking or locker fees if those amenities are of interest to you. Engage in a thorough conversation about these features and amenities so that you are well-informed and can allocate your finances effectively.
Neighbourhood Research
When considering a place to call your new home, it’s essential to delve deep into the amenities and features of the neighbourhood. Consider its proximity to your work or school, transit options, and essential stores for daily needs. It may be helpful to estimate your commute to work, local amenities, or other important hotspots like family or childcare. The presence of shopping outlets, cafes, and restaurants not only adds convenience but enriches your living experience. Don’t shy away from conversing with your potential landlord about the neighbourhood, as they may be able to provide you with valuable insights about the area. Absorbing the general ambiance of the area can help you make sure it aligns with your needs and preferences.
Paperwork
Once you find a place you like, you will need to submit paperwork before you can move in. As per industry standards, it is usually documents like proof of income, credit score, pay stubs, references from previous landlord(s), and proof of identity. With rental companies like Medallion, there may be a rental application to fill out which provides a clear list of all the required details and documents. Furthermore, be sure to enquire about all documents required with your potential landlord as they can vary.
Understanding Your Lease
Before you sign your lease, read it thoroughly to make sure you understand all the terms mentioned. Ask your potential landlord questions about the rules and regulations on the property, to ensure it aligns with your lifestyle preferences. Additionally, enquire about policies surrounding breaking or extending the lease, and any additional fees you may be required to pay in either of those scenarios. This proactive approach can prevent potential obstacles as you prepare to move in or during your tenure.
Insurance
Last but certainly not least, enquire about rental insurance with your potential landlord. Tenant insurance serves as a mutual safeguard against potential theft or damage. Having insurance can protect your personal belongings against events like fire, theft, water and natural disasters. In fact, if there are any repairs being done at your place due to which you’re unable to live there, the insurance may be able to cover the cost of your temporary stay.
We wish you all the luck in your apartment search and remember to ask any and all questions that come to mind! While you’re still here, check out our Medallion Corporation Apartment Finder Tool for your next apartment search.
