Renting before buying in Prince Edward Island.
It’s not a bad idea to rent in PEI before you buy, and here’s how you can find a rental.
The advantages of renting before buying is simple; it gives you time to get a feel for the province, understand real estate values, and not be rushed into a quick decision when buying a home. Furthermore, you have to keep in mind that it can take a long time to sell a house in PEI, and you can’t just simply sell the house on a seconds notice, and move somewhere else in an instant.
Don’t worry about what the rental costs you so much, much of that money can be recovered by having more time to find a motivated seller, and potentially saving tens of thousands.
How do you find a PEI Rental Property?
The obvious answer is; talk to your PEI REALTOR. Your Real Estate Agent can be a wealth of knowledge when it comes to finding a rental house, cottage, or apartment, or at the very least directing you to a source. Here are some of the sources available to you when looking for a rental property on the Island:
Prince Edward Island Property Management companies:
Classified Ad Sites:
Seasonal (Weekly/Daily) Rentals:
These rentals are usually higher end, furnished, and rent for a lot more dollars per week then the traditional monthly rental. Additionally, HST of 14% applies to all weekly rentals. However, there is a deal to be had here sometimes, off season a $3000 a week rental can be $1,000 a month. With that in mind, I suggest you look at these sites:
Bed and Breakfast, Daily Room Rentals
Prince Edward Island Community Forums & Blogs:
Probably the best forum that has some traffic would be PEIInfo. Be sure to visit the forums, and post a question or request for a rental. Be careful though, as we all know, everyone has their opinion. Take every opinion with a grain of salt. If you have any questions or concerns, talk to your PEI Real Estate Agent. He or she should be able to share some facts, and actual data with you. Forums have a tendency to be a bit non-factual at times.
Here’s another idea:
Post your own ad on those PEI Classified sites and in newspapers advertising that you are looking for a rental. Sometimes, this can be the best way to find exactly what you want. Be sure to specify:
- Area/location wanted,
- rent per month,
- size of house or apartment,
- garage (type),
- year round access (and not a clay road),
- fenced in yard,
- waterfront or waterview (yes or no),
- number of floors (bungalow, multi-floors, condo, townhouse, apartment building),
- and number of adults, kids, and pets.
Alternatively, don’t specify anything, and roll the dice – sometimes you will be amazed at what you find.
What questions do you want to ask a prospective landlord?
- What’s included in the rent (heat, electricity, telephone, Internet, common areas/laundry/gym [with apartments]),
- Do you want a damage deposit? How much?
- Do you want a lease?
- What appliances are included? Washer, Dryer, Fridge, Stove, Microwave?
Some final thoughts on looking for a rental:
Be very careful when a renting a house that is for sale. Murphy’s Law says; the moment you move in — the house will sell. If you are renting a house that is for sale, ask the owner’s to take it off the market for the term of the lease.