Renters take Note!

There are lots of reasons you might choose to rent a home instead of buying one. Perhaps you are new to a city and want to get a feel for the city and what neighbourhoods you like. Maybe you know you won't be in a town for long. Or, maybe you don't have enough for a downpayment yet, and have no choice but to rent.   Regardless of why you are renting there are some things you should keep in mind.   First of all, every landlord is going to want to know that you can, and will pay your rent on time. How do they determine this? They can call previous landlords or they can "pull a credit bureau".   Every time someone pulls a  "credit bureau" for you it is kept on record for 3 years. So if your credit rating is already less than perfect and you apply to 4 different places to rent, and all of them check your credit rating, it might make your credit rating worse. 

What can you do to prevent this?  Pull your own credit report from TransUnion or Equifax and offer to provide it if the landlord requires.  The credit report should be fairly recent. 

Keep a record of all the contact information of past landlords and addresses where you have lived.   Landlords often don't phone your current landlord, they will phone the previous landlord.  Why? Because if you are not an ideal tenant, the truth is more likely to come from the landlord who does not have you as a tenant anymore.

Know that there are  instances of fraudulent rentals posted on various networking sites and "free" advertising sites.  NEVER  send deposit money to anyone until you have seen the property or apartment.  If it sounds too good to be true it probably is.

Realtors and property managers can help you find a place to rent.  Or visit websites such as www.rentershotline.ca

 Patricia McCallum

 

 

 

Patricia McCallum

Patricia McCallum

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
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