THINGS THAT LANDLORD’S MUST KNOW

1. THINGS THAT LANDLORD’S MUST KNOW It’s a very lucrative or profitable decision to convert your property into a rental property, but there are some perils when you are going to use it as rental property. So, there are some points that you must know about when you are going to convert your personal property into a rental property. LEGAL PROCEDURES: If you have an extra space, you cannot use it for renters or allow anyone to move in as a renter. Or if you build a space for renting purpose without informing to your municipality, it may cause a big problem because some municipalities will not give permission for secondary suites and in that case when you found with rental property (without permission from Municipal) you may treat as guilty and you should pay the penalty or dismantle the rental property. A landlord must verify their secondary unit that meets the minimum requirements, from municipalities so that they can apply for insurance. Insurance will help to recover your rental property from any damage, for example: if you should have two exits and enough height of ceilings, etc. you may got the permit from municipal and able to get insurance, but if you don’t follow the rules and your insurance company didn’t aware about the second unit then will not pay the insurance for the second unit, and you will suffer from the heavy loss. TAXABLE RENT: As a landlord, you must know about the taxes of your home for rent. You should issue the receipt for the monthly rent to your renters, they claim it for deduction on income tax. If your renter will not claim for deduction than your monthly rent may be declared as monthly income and pay tax accordingly. Apart from rent, there are several charges that landlords have to pay like painting, fixing, repairing, maintenance, etc.

2. COMMON SPACE: Several times when owner and renters are living in a single property, then they have to share the space, and obviously after a time it’s become irritated by sharing the common space with unknown person. So to avoid these situations you have to make it separate so that you can save your privacy and have your own private space for yourself. You should increase the size or separate it for renters of your water tank, otherwise both will suffer from water issues, upgrade the electric capacity (100 amp to 200 amps) with new fittings for renters, etc. TERMS &CONDITIONS: As a landlord it should be better to know about the Residential Tenancies Act, because it is very to get a renter but too hard to get rented out. In all, over the country government rules and regulations are the same, all renters are protected by the provincial legislation and governing bodies so it is very difficult get renters out from the rental property, you need a very good reason for eviction process. As a landlord you can add your conditions in the lease agreement, but it should be valid. If your renter will leave your rental home before expiring agreement, you should ask to stay more if they want. When your renter move out you need to inspect about the damages and repair that should be done and wait for the new appropriate candidate. FIND RENTER: It is very tough task to find a right and perfect tenant, if you are just starting renting then you should take help from real estate agents. They will provide you right renters, according to your decided rent, but will cost you. If you are going to find it yourself then it may take time and may you get the wrong candidate. You have to help form social & print media, family, colleagues & friends, old renters, if you are going to find them yourself. HIGH RENT: Landlords will use Interior Decorating To Their Rental property to increase the rent, but the landlord will not raise rent more then decided rent according to the location. So it is good to provide a better home for rent not add more amenities. If landlords really want to raise rents then you should buy a new property with high amenities in the best location.