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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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Why Is Renting an Apartment Better Than Buying One?

Buying a home is a significant investment for most of us but that doesn’t mean it is for everyone. Due to the sky-rocketing property prices, a lot of people are opting for home rentals rather than buying an apartment. After all, renting an apartment involves just one recurring monthly cost: the rent. Homeownership, on the other hand, includes various expenses such as financing and registration costs, property tax, maintenance cost, and more. However, deciding whether to rent or buy an apartment is indeed a big decision as it not only affects your personal goals and lifestyle but most importantly, your financial health. They both need you to have a regular income so that you can afford the payments and associated costs.

Both renting and buying have their own advantages, but renting does appear to retain an edge.Although you need to pay a security deposit equal to one month’s rent, it is considerably less than a down payment. Moreover, renters have greater flexibility,lower utility bills, and access to amenities, such as parking lots, gyms, and pools that might otherwise be extremely expensive. In this blog, we will discuss some of the top reasons why renting an apartment could be a better option than buying one.

Reasons Why Renting an Apartment Is Better Than Buying One.

Top 5 Reasons Why Renting an Apartment Is Better Than Buying One

While buying an apartment involves some serious savings, renting can help you maintain your lifestyle and flexibility. Here are the top reasons why renting could be the smartest move.

  • No Down Payment Is Needed

The down payment typically costs around 20% of the cost of the home, excluding the settlement fees. So, let’s say you are planning to buy a house in Kelowna or nearby areas and the cost of the house is around $200,000. This means that you will need to have over $50,000 in cash. Renters, too, need to save up some money for a security deposit but that is nothing when compared to the amount of cash you have to save for the down payment. Also, the security deposit will be returned to you when you move out, provided you have not damaged the rental property. Hence, opting for homes for rent in Kelowna might be an ideal option for you.

  • Don’t Need to Pay Property Tax

Property taxes can be a significant financial burden to homeowners and are determined based on the amount of land on which it’s built and the estimated property value of the house. But when you are renting an apartment, apart from paying the rent and utility bills, you don’t need to worry about any other property-related costs.

  • No Maintenance Costs

One of the top benefits of renting an apartment is that tenants don’t need to pay any repair bills or maintenance costs. If something needs fixing, such as a plumbing issue, you just have to call the landlord and ask him/her to fix it.

Should you be located in Kelowna or nearby areas and looking for places for rent, reach out to Homefinders. We can provide you with the largest selection of rental properties that fit your needs and preferences.

  • Access to Amenities

When you rent an apartment, you can have access to numerous amenities that can otherwise be a huge expense. Some of these facilities include swimming pools, business centers, community rooms, parking lots, and fitness centers, among others.

The Bottom Line

Apart from these, there are lots of other reasons why renting an apartment is better than buying one. Renting an apartment provides you with the flexibility to move out whenever you want without any penalty. Moreover, it doesn’t need any significant financial investments. So, if you need assistance in finding affordable home rentals, you can get in touch with our team .At Homefinders, we go through hundreds of websites on a daily basis to provide our clients with the best rental properties to choose from.

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Top 4 Tips for Tenants to Find the Right Home Rentals

Moving to a new property is surely exciting; a fresh start, the beginning of a new chapter in your life. And, whether you are into your lived-in years or you are right out of college, you are most likely to rent an apartment at some point in your life. Renting is the perfect solution for individuals who do not have the intent to stay in one place for a long time and also provides them with a place they can call home.

If you’re planning to move to a new city and are looking for the best home rentals, you need to consider a few things like your priority, budget, location, etc.

However, it’s important to not let that excitement get the best of you. Before you start your search for the best home rentals, there are certain steps that need to be taken in order to find the right property. In this blog, we have put together some helpful tips to help you find the best home rental.

Tips to Find the Right Home Rentals

  1. Prioritize Your Requirements

Before you start your search for the best home rentals, it’s really important that you clear your priorities. Do you want a studio apartment, flat, house, or just a living room? Are you willing to spend money more than your budget or want to keep it in your budget? Remember, answering all these questions will help you narrow your house-hunting search to a great extent.

  • Stick to Your Budget

When it comes to choosing the best rental, one of the biggest deciding factors is your budget. For instance, if you are looking for a four-bedroom house, you have to bear in mind that you may have to pay a premium for extra living space. According to a report published by the U.S. Census Bureau, the monthly rent paid by tenants should never be more than 20%-30% of their monthly income. So, take some time to calculate the price range you can actually afford and stick to it.

  • Get Professional Help

Finding the right houses for rent simply means that your preferences, commute, budget, and other needs should align with the apartment you choose. It is indeed a challenging task as you have to compete with many others for a quality unit in a prime location. However, it doesn’t have to be overwhelming if you let the professionals handle everything for you. As the professionals work directly with landlords, it means you will be notified of the newest rentals properties as they become available in the market. All you have to do is to be specific about your requirements and your budget and ask them to send details on potential rentals.

  • Finalize Your Location

One of the most important things you need to do before you start looking for rentals is to decide the location you want to live in. However, before finalizing the location, make sure it fulfills your needs and requirements like public transport, college, health clinic, job, dietary, or parking, etc. Today, there are numerous rental search engines online that allow you to narrow your search based on location, size, price, and other factors. Go through these websites to look at all the rental properties in the area you want to rent in.

The Bottom Line

Finding the right home rentals doesn’t have to be stressful if you follow the above-mentioned points and seek professional assistance. At Homefinders, we curate and list properties from various individual partners, providing you a one-stop shop to find a perfect home based on your need. To know more about our services, call us today.