Friday, February 22, 2019

Guidelines for Being a Landlord in Canada

by michaelsanduso (writer), , May 30, 2016

Thinking of becoming a landlord? Here's what you need to know.

There has been a rising demand for residences around Canada, particularly in Toronto, Vancouver, and Alberta. This means that renting out your property can be a great way to ensure that you get impressive returns on your real estate investment. One of the unfortunate things about such a venture is that you typically need to learn from your mistakes. This, however, can cause you a great deal of problems in the meantime. This is why it is a good idea to get some handy information prior to renting out your dwelling:

Inspect Potential Tenants

It is important that you take a great deal of care in deciding who should live on your property. You should check that they have a steady income and are able to pay the rent when it is due. Another point to investigate would be their interaction with their previous landlord. Make sure that they were not evicted or did not cause any problems. The best way to get this information is to ask for references from their last landlord. You should also conduct an interview with the potential tenants.

Supervise the Decorating

If you are renting out the property as well as the furniture and other fixtures, it is a task that you need to handle yourself. Allowing your tenants to bring in their own furniture can lead to a great deal of damage to your property. Some of these damages may not be covered by the security deposit. Contact local Calgary movers to carefully set out the floor plan of the residence. Make sure that you take care of any necessary repairs.

Clearly Outline the Rules

It is best if you mention the standing rules or regulations of the house when you first meet the tenants. Whether it is restrictions on pets, children, or guests, you should clearly mention this within the first few meetings. This will help both the tenants as well as you to decide if you are a right fix. Waiting until later to mention the regulations will only lead to misunderstandings and clashes between the two parties.

Have Legal Contracts

It is vital to have a legal contract when renting out your property. You should never base your rental agreement on a verbal conversation. It is imperative that it is in writing and has been attested to by the landlord as well as the tenant. This is to ensure that the rights of the tenants as well as the landlord are respected and upheld. Get an attorney to draft the best contract possible and make sure to include all of the rules that you want upheld. Make sure that they are accountable for any damages or mishaps by third parties. If you are unsure, offer trusted contacts.

Clean Up After Tenants Have Vacated

Prior to your tenants leaving, you should inspect each room with the tenants by your side. This will help you to assess the damage that may have taken place. Once they have left, you should clean up any of the mess that has been left behind. Make sure that the property looks as good as it did before the tenants moved in.

It is important to have a good relationship with your tenant but you must also be unyielding. You should also keep careful records of everything that you have placed inside the residence prior to the tenants moving in. You should also have access to a spare key for each of the rooms in the house.

For more info check:
Alberta Pro Movers (Moving Company)
440-10816 Macleod Trail S #143, Alberta, Canada

About the Writer

michaelsanduso is a writer for BrooWaha. For more information, visit the writer's website.
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