The countdown is on: you’re about to fly the nest! It’ll be just you, your roommates, books, essays, late-night study sessions and maybe the odd party (OK, make that lots of parties). But what about that all-important roof over your head?
You need a game plan when it comes to your pad. Before you commit to forking over cash on the first hip place you see, ask yourself these questions ... and if you’ve got a source of good advice, perhaps parents or a smart mentor, get their thoughts, too.
Budget: What’s your budget?
You know better than anyone what your cash flow can handle each month, so stay within it. And if you don’t know better, figure out what you can afford with a student budget worksheet. Google search for a free template. A sign of a great budget is one where the money coming in (including from student loans and lines of credit) matches what’s going out. Without a budget, you’ll add a layer of distracting financial stress to your already full school schedule.
Location: What’s going to work best for your needs?
Is the place close enough to the school, grocery store and other amenities so you can keep your commuting time and costs to a minimum? Is reliable public transit nearby? If not, do you save enough money by living farther away that it outweighs these costs?
Roommates: Have you found the right roommates?
This isn’t just about saving money on rent and utilities; it’s about ensuring your personalities are compatible. If not, you’ll spend way too much time worrying about the things that irritate you, like dirty dishes and smelly clothes, and not nearly enough energy on your studies. You’ll also want to make sure the people you live with know the importance of paying their share of the rent on time — you don’t want to be on the hook for covering for them. Hash out these tough issues before you decide to become roomies. Assign someone to be the “lead” when it comes to paying the rent and utilities directly.
Legal responsibility: Who’s responsible?
If you’re dabbling in the roommate realm, you’ll need to determine who will ultimately sign the lease and take legal responsibility for the place. If it’s possible, have all the roommates listed on the lease. Some landlords will ask to look up your credit score to see if you’re a safe bet for paying your rent on time. Many students don’t have much in the way of credit and may need a parent to co-sign a lease. Talk about this possibility with your folks ahead of time.
If you’ve done your research and you’re ready to rent, here are some practical considerations, most of which are negotiable with your landlord:
Cost: The cost of the rent and what it includes. If utilities, laundry and parking are extra, work that into your budget and clearly state it in your lease. Don’t get side-swiped with add-ons you didn’t agree to.
Term: Are you getting into a month-to-month, full year or lease term that lasts only for the school year? Most landlords push for a year, but many allow students to rent only for the months they’re in school.
Damage or security deposit: Are you prepared for the amount and conditions around the deposit? How does your landlord plan to reconcile the condition of your place before and after you lease it out? It can help to take plenty of before and after pictures to establish your position if there ends up being a disagreement upon your departure. I’d recommend shooting a video on day one.
Notice: Can your landlord kick you out with 60 days notice, and what conditions would they have to meet — moving in, renovating, selling as examples — in order to be able to do that? That would be an issue if you were in the middle of exams. Consider the opposite situation where you need to break the lease. What are the penalties for doing so?
Eviction: What will it take to get evicted? Not paying the rent? Loud noise? Drug use? Vandalizing the property? You need to find out. Generally speaking, if you treat the property as your own, practice common courtesy and pay rent on time and in full, you shouldn’t have issues.
Repairs: Who will be responsible for which repairs? How will you notify your landlord of issues? It’s very common for tenants to be responsible for repairs under $100 like light bulbs.
Community rules: In many cases, condominiums and apartments have common property and strict rules around how that property is to be used. You should review these rules, determine how they will affect you, and ask your landlord if there is a need to “sign off” on them prior to signing the lease.
Changes to the property: Are you allowed to paint, hang art, copy keys and swap out the furniture? This may be important to you as you’re establishing your much-needed zen for school.
Don’t skim your lease agreement! The devil is in the details. Take it home for a thorough review and consult with your student resource centre if you have questions. You’ll also want to understand the basic legal rights between tenants and landlords in your province or city. Check out the local Landlord and Tenant Board website where you’ll be renting.
With good forethought about your leasing situation, you won’t have to stress about your living situation and can really enjoy the school year ahead.
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