27 Jul Four Important Things to Know Before Becoming a Landlord
Perhaps you are thinking of renting out your first home while you upgrade to something a little more roomy. Maybe you are considering investing in a condo to build some additional real estate equity. Nearly anyone can become a landlord with a little patience and preparation, and in the long run, it can be a very rewarding decision. If you are new to the game, and are feeling a little hesitant about taking the plunge, here are four helpful tips to get you started in the right direction.
Most tenants are good, responsible people. We have all heard horror stories of tenants who bounce cheques, hoard cats, or leave in the middle of the night. The truth is, those cases are few and far between. Most people are hardworking and will do just about anything to keep a roof over their heads, regardless of where they are in life.
Nice homes attract nice tenants. Have you ever been a renter? What did you look for in your first apartment? There is no doubt that nice rental homes attract the best tenants. You can’t expect someone to take pride in your property, as if it were their own, if it appears that you aren’t all that concerned about it. Ask yourself “Would I live in this home the way it is?” Finishes don’t need to be extravagant, but cleanliness is key.
Don’t cut corners when finding tenants and go with your gut. If you plan on finding your own tenants, have an application process in place where you have a chance to meet with your potential tenants before making any decisions. Show them the home and ask the right questions. Don’t forget to verify employment, check references, and most importantly, Google them. Or, you can entrust the rental process to your Real Estate Agent so they can handle the screening on your behalf.
There are laws in place to protect both you and your tenants. Service Alberta is responsible for enforcing the laws that pertain to landlords and tenants in Calgary. While you don’t need to know the laws inside out, you do need to make sure you adhere to them if a conflict arises. You are much more likely to experience a favourable ruling if you can show that you have been in compliance with the law from start to finish.