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Basic Costs You Need to Consider Before Renting an Apartment

Whether it’s your very first apartment or your fifth, finding an ideal apartment that fits both your lifestyle and budget is not an easy task. After all, with so many different factors to consider, it is natural to lose track of some of the most crucial details. However, by being organized and with proper planning, you can easily make your apartment-hunting job easier and faster. And in case you live in or around Kelowna, finding the right rental apartment can be so much easier. All you have to do is get in touch with the team at Homefinders and state your requirements. The team will provide you with a list of affordable houses for rent in Kelowna as per your preferences and budget.

With that being said, before you start apartment hunting, it’s important to consider how much you can afford to pay. From the application fee, the rent, brokerage fee, and security deposit to the average cost of utilities, parking fees, and renter’s insurance, you’ll need to spend a lot of money before you have even moved in. However, considering these costs will help you decide whether or not you can afford to rent a particular apartment before you fall in love with it. To help you out, we will discuss some of the most important costs every tenant should consider to find the right apartment.

Top 4 Costs to Consider Before Renting an Apartment.

Top 4 Costs to Consider Before Renting an Apartment

Renting an apartment isn’t only about the monthly rent. You have to consider the upfront costs to make sure your budget doesn’t exceed your monthly income. Here is a list of the top four costs you should consider before beginning your search for rental apartments.

  • Application Fee

The application fee is the first thing you will have to pay when you decide to rent an apartment. It typically starts from $30 and may go up to $60, depending on various factors such as the location and type of rental you’re applying for.

Depending on where you are planning to live, you may be asked to pay an administration fee along with the application fee. Some property management companies take the administration fee to cover the tenant’s credit and background checks. However, if you are looking for homes for rent in Kelowna, you can contact Homefinders to avoid paying any additional fees.

  • Security Deposit

A security deposit is an amount that every tenant needs to pay to the landlord at the beginning of the tenancy. It serves as proof of intent to move in and can also be used to pay for damages or lost property. Security deposits are held by the landlords throughout the rental agreement and the tenants can get their security deposit back when they vacate the property.

  • Renter’s Insurance

Another important cost that you need to consider before renting an apartment is the renter’s insurance. It will protect you and your personal belongings and liabilities from unexpected circumstances such as theft, fire, vandalism, and electrical malfunctions. Added to that, it will cover all the expenses in case you can’t stay at your rental apartment and need to temporarily relocate.

So, if you, too, are planning to lease an apartment and are on the lookout for house rentals in Kelowna or elsewhere, we would recommend you take renter’s insurance. In addition to offering you coverage, it will also protect you from liability if someone is injured on your property.

  • Maintenance Fees

Apartment communities that offer luxury amenities, such as fitness centers, swimming pools, game rooms, community gardens, and private spas, require tenants to pay a monthly maintenance fee. Hence, if you want to avoid any surprise charges and get a realistic picture of what you can actually afford, you should include the maintenance fees in your budget.

The Bottom Line Anyone who’s looking for rented accommodation should know that besides paying the monthly rent, tenants need to shell out a significant amount of money for other expenses as well. In case you are looking for houses for rent in Kelowna, you can reach out to us. At Homefinders, we provide the best rental relocation services at reasonable rates. To get in touch with us, call 250-899-8133.

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Everything You Need to Know About Holding Deposits.

Finding the right rental apartment can be stressful and time-consuming. After all, there are so many factors that you need to consider if you want to get that one-of-a-kind rental you always dreamed of. From determining your budget and choosing an ideal neighbor to providing documents to your landlord to convince him or her that you’re a good candidate, the list goes on. However, if you live in or around Kelowna, finding rental apartments is even easier. At Homefinders, we provide the best selection of house rentals in Kelowna. So, whether you need a studio apartment, duplex, or triplex, we have got you covered.

When you decide to rent a property, you must know about the different types of payments you may have to pay as a renter. From an application fee and a security deposit to the rent for the next month, there’s a good amount of expenses you need to consider. However, some landlords require you to pay a holding deposit as well. Want to know what a holding deposit is and what it entails? Well, keep reading the blog till the end.

All You Need to Know About Holding Deposits.
  • What is a holding deposit?

A holding deposit is a specialized type of deposit that tenants need to pay landlords to hold the property until the tenants can move in. It demonstrates the tenant’s commitment to the property and needs to be paid before paying a security deposit or signing a lease. However, it’s advisable to make a separate agreement for the holding deposit that will specifically specify the purpose of the deposit. Why so? Well, let’s say, after visiting numerous Kelowna rental properties, you have finally found the right property for you. But you can’t move in till next month. In this case, the agreement will stipulate all the terms and conditions regarding the refund of the holding deposit.

  • How much is a holding deposit?

The holding deposit is typically less than a security deposit and is equal to one week’s rent for the unit you want to reserve. Some landlords may say that the rate depends on the location and the market’s competitiveness, but remember that the holding deposit is capped by law. Hence, no landlord is allowed to ask for more than a week’s rent.

In case you have recently moved to Kelowna and are on the lookout for affordable home rentals in Kelowna, you can contact Homefinders. We curate and list properties from various individual partners to provide you with the best rental apartments.

  • When do landlords refund the holding deposit?

The landlord must refund the holding deposit within 7 days if:

  • The landlord breaks the agreement and rents the unit out to some other prospective tenant.
  • Once the tenant signs the tenancy agreement and pays the security deposit.

However, some landlords don’t return the holding deposit directly. They may roll it into your other costs like the security deposit or the first month’s rent.

  • What happens if the tenant withdraws the application?

In case the tenant withdraws his or her application, the landlord is entitled to keep the holding deposit. Apart from this, there are many other scenarios when the holding deposit won’t be returned to the tenant. For instance, if the tenant provides misleading or false information during the screening or fails the “right to rent” check, the landlord can keep the holding deposit.

The Bottom Line:

The holding deposit promotes the commitment of both parties. While it serves as a tenant’s pledge to rent the unit, the landlord must take the property off the market and should not rent it to other potential tenants. Once the tenant is ready to move in, he or she can either agree to deduct it from the first month’s rent or simply ask for a refund. Now, in case you are looking for house rentals in Kelowna, you can consider getting in touch with us. At Homefinders, we have the largest selection of rental properties to help our clients find the perfect home based on their preferences and requirements. Hurry up and avail of our services today!

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Why Is It Important for Tenants to Get Renter’s Insurance?

For homeowners, it is a standard practice to buy a homeowner’s insurance policy. But you know, renting an apartment is similar to owning a home. The only difference is that you don’t own the property. However, when you rent an apartment, your landlord’s property insurance policy covers losses to the property itself. But what about your personal belongings? They, too, need protection against losses such as a fire breakout or theft. This is where renter’s insurance comes into the picture. It helps tenants cover the cost of repairing or replacing their personal belongings and protects them from any liabilities associated with their rental. 

However, a lot of tenants wonder whether they should get renter’s insurance and if it’s worth it? After all, there are already so many costs associated with house rentals in Kelowna or any other location. Some of the most important ones include the application fees, security deposits, and monthly rents. While you may think that it’s an unnecessary expense, you could regret this decision later. Should you want to know the reasons why renter’s insurance is so important, keep reading the blog till the end.

Reasons Why Renter’s Insurance is Important

Reasons Why Every Tenant Needs to Get Renter’s Insurance

  • The Landlord’s Insurance Won’t Cover Your Belongings

A landlord’s insurance typically covers any damage to the property itself but not your personal belongings. So, while looking for the right rental properties such as Kelowna rental properties, don’t forget to get renter’s insurance. It will protect your personal belongings from common hazards including fire, theft, vandalism, and explosion among other things. Added to that, your renter’s insurance policy will also pay for items such as furniture, luggage, jewelry, clothing, and other electronics that are likely to get damaged by such events.

  • Provides Liability Protection

With liability protection, you will get general liability coverage that will protect you against the legal liability of an accident in your residence. For instance, if a visitor falls or is injured on your property and you are found liable, the liability coverage will pay for any bodily injuries or property damage and cover your legal expenses if someone sues you.

  • Covers Your Belongings When You Travel

Tenants, looking for the best places for rent, often overlook the importance of renter’s insurance simply because they think it’s nothing but an additional expense. But did you know, depending on your specific policy, a renter’s policy can cover your personal belongings, whether they are with you while you travel or they are in your home. This includes the travelers’ cheques, electronics that you may be carrying, and other valuables. Your belongings will be covered from loss due to theft and other covered losses.

  • Additional Living Expenses

There can be certain events that may force you to leave your rental apartment and live somewhere else temporarily. If that happens, your renter’s insurance policy will cover your “additional living expenses” and pay for things like hotel and restaurant costs.

However, it’s important to note that there will be a limit to the maximum amount that you can get. So, check your policy to find out how much and how long it will cover your additional living expenses.

Final Thoughts

Although renter’s insurance is not mandatory, it’s highly recommended. Whether you lease a house or live in an apartment, getting renter’s insurance is crucial if you want to protect yourself and your belongings. Should you be looking for the best house rentals in Kelowna at affordable prices, reach out to Home Finders. Having extensive experience in the field, we provide renters with the largest selection of rental properties to choose from