How to rent a Square One condo?
Square One condos offer an excellent location and atmosphere for many different people. Whether it be students just leaving the family home, professionals who are visiting downtown Mississauga on a contract based project or any other scenario, renting Square One condos makes sense for many people. Although it is always encouraged to seek options on how to purchase so you can build equity, this short article will explain the process of how to rent a Square One condo. Going to rent a Square One condo is really a simple process that can usually be completed within the span of a day once the correct condominium has been found. The great variety offered by Square One condos in downtown Mississauga is one of the driving forces behind the strong rental market here. Utilizing a real estate professional to assist you to rent a Square One condo is a great choice and is FREE.
Preparation – Key point when looking to rent a Square One condo is being well prepared
This is where a professional real estate representative comes into play. The information in this article will help guide you through the preparation process and then you can contact us to get the actual condo search started.
As previously mentioned, services are free. This is because we are actually paid from the Landlord side while still serving the interests of the tenant. That’s how Ontario real estate practices have delegated the payment structure and all there is to that explanation! Nice and simple.
Jumping into the actual preparing process. Going to rent a Square One condo, or really any property is about telling a story. You, as the tenant will be living in someone else’s home for a period of generally one year (sometimes longer) and therefore they need reassurance that the relationship will be smooth and positive. This is where the requirement for what we call “supporting documentation” comes into play. When putting in an offer to rent a Square One condo, these documents will accompany the offer to help the Landlord have a clearer image of exactly who they are allowing to live in their property. The typically requested documents are quite simple:
1) Employment Letter (Showing income and company)
2) Credit Score and Report (For Canadian Report you can use Equifax)
The Employment Letter shows the Landlord that you can actually afford to rent a Square One condo at that price point and that there is an income source. The Credit Report provides a look at how faithful you are with honouring financial payments and if there are any large outstanding debts.
Of course depending on your unique situation (no Canadian credit history for example) there may be other documents requested when looking to rent a Square One condo and that can be discussed with a SquareOneLIFE representative on a client case by case basis.
Once the supporting documentation has been gathered, the next steps to rent a Square One condo are fairly simple. The main, and most fun part is actually going to look at the different downtown Mississauga condos. Once a unit has been selected then an offer is prepared, the offer at its most basic description consists of a rental price, move in date, length of rental period and some agreeing rules in regards to keeping the unit clean, responsibility of damages, etc. Two important pointers to keep in mind when looking to rent a Square One condo are that Landlords can not request more than first and last month’s rental pay as an initial deposit. Damage deposits sometimes also known as security deposits can not legally be demanded by Landlords. Some condo buildings require security deposits for key fobs as they now feature security devices, this is perfectly acceptable. The second pointer is that unless the condominium building itself has a restriction on pets, this cannot be the basis for refusal of rent. There are many other tenancy rights that are described in the Landlord and Tenant Act however these tend to be the two most popular questions when looking to rent a Square One condo.
Working with a real estate professional helps protect you in the sense that you have experienced guidance when seeking to rent a Square One condo without having to actually pay extra fees. Once an offer has been submitted and accepted, you as the tenant have one more key obligation prior to being able to rent a Square One condo. This is to submit the deposit cheque to the Landlord. The amount is the agreed upon figure in the offer (typically first and last month’s rent) and needs to be either a Bank Draft or Certified Cheque in 99% of cases, this means personal cheques won’t work in most situations. Once this amount is deposited the process is complete and you can take possession on the agreed upon date.
Hopefully this article helps explain some of the more general parts of the process when looking to rent a Square One condo. There are many nuances and details that are specific to each person, deal and condo and therefore it’s important to approach each situation with a unique mindset. However the points discussed in this article generally apply to all rental situations and will help you prepare appropriately. As always, for any questions or to consult with our professional real estate services, send a message!
