I want to rent my own apartment

Can you afford to rent an apartment

What are the costs to plan for when moving to one own's apartment? That's right: there is more than the cost of the rent to think about!

Before setting out to find the apartment of your dreams, first make sure you can afford it! Start by finding out the prices of apartments in the neighbourhood or city where you want to live.

Next, draw up a list of expenses associated with living in an apartment, such as food, telephone, transportation, Internet access. You can inquire about the approximate cost of electricity in your future dwelling by calling 1-888-385-7252 or by visiting the Hydro-Québec website.

Prepare a budget

Once you have collected all these data, prepare a budget listing the income you expect to earn and your expenses, including the cost of rent. If you find that the expenses exceed the income, you will have to find other solutions: choose a cheaper apartment, share with one or more roommates, reduce your expenses or increase your income!

Plan for moving costs

Remember to plan for moving costs: gasoline, food, paint, blinds and curtains, etc. You should alos plan for file opening charges from utility providers such as telephone and electricity. As for furniture, you can pick up odd pieces from your family that they are not using, or buy used furniture.

Pay attention to your credit rating!

Most landlords will check your credit record before agreeing to let you rent an apartment. They want to know whether you are good at paying bills and whether you have any financial problems. Some landlords might ask you to have someone endorse you when you sign the lease, i.e. find someone who will agree to pay the rent for you if you are unable to do so.

If you want to find out your credit status, you can ordre a copy of your file from Equifax and TransUnion.

Paying the first month of rent

Did you know? The landlord is not entitled to ask you for a deposit for the keys or as security in the event of damage to the apartment. On the other hand, he can require that you pay the first month's rent immediately, as soon as you sign the lease. So make sure you have enough funds in your account.