The Hidden Costs When Renting

All set to move into your own rental place? Found a place that you are proud to call home? Before you move in, here are some of the things that you need to account for financially:

Security Deposit

Almost all landlords across the city will ask you for some sort of security deposit in order to lease you a property. This money is held in an interest-bearing trust account (meaning that it has to be held in the bank for your term) and is kept in order to cover anything that you damage in the home outside of regular wear and tear. This deposit cannot be more than one month’s rent, and cannot be charged except for damage that goes beyond regular breakdown of items in a home and thorough cleaning on move out.

Ensuring that you account for up to two months of rent upfront (your security deposit and the first month’s rent) is important when you are planning to rent a place.

Tenant Insurance

You are renting someone else’s home. They (and/or their condo) are responsible to insure the building and associated risks. Their insurance does not cover your contents as a tenant nor your liability for damage caused, knowingly or unknowingly, while you are renting. This is why you as a tenant are often required to buy tenant insurance.

This is easy to get from your bank or insurance advisor. Whoever insures your car or other assets should be able to advise you on the coverage needed and the cost. Even when it is not required, it is a good idea to ensure that you are protected. Should you be found responsible for a major insurance issue, such as a flood, fire or otherwise, you may be responsible for the deductible on the homeowner or condo’s policy, which can run thousands of dollars. Many condo buildings have a water deductible of $25,000 to $50,000 per claim, which may be your responsibility. Your tenant insurance would cover that cost in most cases.

Moving Costs

Moving home is expensive. Aside from the cost of buying new furniture and moving your contents, many condos charge a moving fee. This is done to ensure that no damage is caused by you moving in, and for someone to block off the elevator during your move. Depending on the condo, it can run as high as $500 or more. The fine for moving without booking an elevator can be exorbitant.

Ensure you read and follow the bylaws of your condo, which your property manager should give you in advance of moving. Be advised that this fee can be charged for both your move in and your move in depending on the condo. If you are unsure of the fees, contact your property manager.

Looking for a landlord who can help you understand the ins and outs of moving? Contact Amhurst Property Management at 403-237-0477 to make renting a breeze.

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