The amount of Canadians in the housing market who rent their homes accounts for 33% of the population.
The recent coronavirus housing crash led many renters and homeowners to seek more affordable options. This applied to both residential and commercial real estate.
If you have found yourself in need of a new rental property, you're certainly not alone. However, finding the perfect place can be a challenge if you aren't aware of the positive signs as well as red flags to watch for.
Ready to start your hunt but want to ensure the most effective use of your inspection times? Follow along to learn 5 no-fail signs that you've found the perfect property.
1. You're Already Decorating
You've likely heard people express their excitement about a property by describing where their furniture will go. If you've joined the daydreamers in this imaginary decoration throughout your inspection, you're on the right track.
This furniture arranging imagination is often an indication that you feel comfortable enough in the space to picture yourself there. What's more than that is you feel your furniture will translate well into the area.
While it can be great to purchase new pieces for your new digs, keep in mind that rentals aren't a guarantee. Finding ways to make your existing furniture fit is always beneficial for longevity as well as saving on your budget.
2. It Ticks Your Boxes
Like many house hunters, you've probably made a mental list of all the items your new place must have. While it's important to practice some flexibility in your must-haves list, finding a place that ticks off the top priorities is a great indication.
Understandably, you may not be able to find a three-car garage and wood burning fireplace in every property within your budget. However, deciding on the most important features will help you stick to your plan and not get swept up in the excitement of a new rental.
For example, if you have decided that having a spare room is a priority for you but on a whim decide that you won't have overnight company and can forfeit the space, you may end up regretting your choice or relocating sooner than expected.
Once you find a place that ticks off all your top priorities, it's a great time to stop trying to top it.
3. The Location is Ideal
Location is everything, but what you feel makes a great area may be different from another house hunter.
While you'll likely hear the term 'it's a great neighborhood' several times throughout your rental inspection journey, it's important to decide what qualifies as a great location for your needs.
Perhaps you have children and want to ensure there is a great school in the district. Or maybe you have an active social life and want to ensure you are within walking distance from restaurants and pubs.
Develop your qualifying list of location needs and narrow your search to fit your ideals. If you've found a spot that ticks your boxes and is within your ideal area, you've got a real winner.
4. Nothing Else Compares
Whether you set up multiple inspections already or have decided to explore all of your options between committing, if you find yourself continually comparing properties to your favorite one, this is a great indicator you've found your spot.
That 'always on your mind' feeling is there for a reason. You may not be able to put your finger on the exact reason that you loved the space so much, but the answer could be as simple as feeling comfortable and at home.
When you find yourself picking apart perfectly good places and drifting back to another choice, it's time to sign the lease.
5. The Perfect Landlord
If you've dealt with a difficult landlord before, you know the value of finding an experienced and reliable landlord. While these can be difficult to come by, they are out there and are a great reason to choose a property.
Renting from inexperienced landlords can land you in a frustrating position, especially when it comes to requesting repairs, dealing with bills, and negotiating rent. Because these landlords don't have any reference points, they may simply be unfamiliar with what they are responsible for and unintentionally ignore your rights.
Beyond experience, you'll want to find a landlord that maintains reasonable communication with you. If it's impossible to track down your landlord, or they call you every 2 weeks to "check up on things", you'll likely find yourself becoming frustrated and ready to get out.
If you've met with the landlord or the property management company already and feel confident in their communication, experience, and professionalism, you've found a gem.
Red Flags to Avoid
Of course, just like there are signs of great rental homes, there are also key elements you should watch for to avoid disaster.
While the coronavirus housing crash has influenced a drop in prices in the housing market in 2020, finding a commercial or residential real estate property that seems too good to be true, probably is.
Don't forget that even in a pandemic, there are still rental scammers out there. Stay clear of those listings that promise far too much to be real.
Once you've found your place, be cautious not to get caught up in the excitement before the lease is signed. Even if you trust the landlord, signing an incomplete tenant agreement is an incredibly dangerous way to enter a deal. This sets the landlord up to add in unmentioned conditions and rules your agreement ineffective if anything goes wrong.
Remember, the tenancy agreement is there to protect both you and the landlord and should be fully complete before signing.
Finding the Perfect Rental Property
Now that you know the 5 signs of the perfect rental property and what to keep your eyes out for, you can set forth with confidence on your search. Get ready to daydream, tick your boxes, and find the perfect landlord for your residential and commercial real estate endeavors.
Ready to start your rental property search today? Get in touch with us to find out what's available and land your ideal rental.