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Things to Do Before Looking for an Apartment

15th April 2011
By Felix Richerd in Real Estate Law
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Before search the web for great deals, calling around town to see what apartments have the best rates, or any of that fun stuff, you first have to decide that you are indeed ready to take that big step into renting your own place.

Though there are many factors you should consider in regards to whether or not you are ready, here is a quick checklist of things should look into:

Your Budget:

By making a concrete budget, and making the commitment to follow it, you can have a strong idea of what your expenses will be. When creating a budget, you should ideally make a budget that fits the lifestyle you are willing to live.

Once you have a budget outlining the current expenses in your life, add the potential expenses you will have to expect once renting your own apartment. Remember to include everything from food, to laundry, utilities, insurance, and so on. (We will be providing a checklist in the near future to help you out with this!)

Once you have complete this, you should have a good idea of the monthly income you’ll need not just to survive, but to live comfortably.

Your Income:

Analyze your current income to see not only if you are making enough to suit the budget you’ve built, but also that you have enough to be able to save. If not, then you may want to consider saving up a certain amount of money prior to renting your own place.

Your Needs:

Once you have an approximate amount that you are able to spend on rent alone, analyze whether or not this amount will translate into an apartment that suits your needs.

Your Future Plans:

Make sure to take into account where you want to be over the next year. If you think you might want to relocate for any reason over the next year, then be careful and consider this when renting an apartment. Contracts are almost always for a 12-month term; meaning that if you want to leave half way through your contract you will have to sublet the apartment or reassign it (more on this in future blogs!).

Making sure all of the above are in order prior to apartment hunting will ensure that many potential issues will be avoided.

CLV Group Ottawa - Your Full Service Real Estate Provider. Choose Ottawa apartments for rent, townhomes, Guelph apartment rentals & Hamilton apartments for rent from over 7200 units of CLV Group.

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