Rental properties can be an exceptional source of income, providing a continual revenue stream that can help pay mortgage or allow you to expand your investment properties. However, anyone thinking of becoming a landlord should be aware that it is not a passive income. Even if you are just renting your basement suite, you are in business and you should understand what it is all about.
Being a landlord is a full-time responsibility. There will be maintenance requests at inconvenient times, the tenants may miss out on rental payments or they can be too troublesome but you may not be able to evict them straightaway. If you have an apartment for rent, it is important to do your groundwork before you become a landlord. Here are some tips for first-time landlords:
Some common challenges that landlords face are non-payment or delayed payment of apartment rental, damage to apartment rental caused by tenants and disruptive tenants. Ensure that you are fully educated on the rules and regulations pertaining to these challenges. For example, in Ontario, you may not be able to evict a tenant just because they have bought in a pet. You cannot have a no-pet clause either. So, it’s better to be aware of these laws beforehand. You should also research your local municipal bylaws. These may include things like standards and the guidelines for fire and the building safety.
To summarize, becoming a successful landlord can be ridden with challenges. However, with the right professional help you can get high quality tenants and enjoy high rate of return on your rental property. Get in touch with us today to begin your journey as a landlord.
LEASEWELL Property Services helps you manage your rental and investment property completely hassle free so you can focus on things that matter most for you. We do this while making sure that you have choice of high quality, Pre-screened tenants to choose from to maximize return on your property investment. For more please visit our website www.leasewell.ca or contact us at email@example.com