A lot goes into being a good landlord. If you are a new Canadian real estate investor then landlord advice can help make the process of owning and managing a rental property a little bit easier. Below are 10 tips every new Canadian landlord should know.
Number ONE Have a thorough, well-written lease
Your lease agreement is everything as a landlord. It is a binding contract that explains what the landlord and tenants can and cannot do and states the process for what happens if the lease is broken. Throwing a two-page lease together may cut it for the time being -- but eventually, something that was not properly addressed in the lease will become a problem.
Your lease should include basic terms, clauses, and language according to your provincial tenant-landlord laws and can be drafted by a real estate attorney. Your lease should also address items like:
Lawn maintenance: including who is responsible for maintaining the lawn and what needs to be done as a part of that maintenance.
Parking: including where tenants can park and the number of allowable cars in the parking area.
Property alterations like painting the walls. If you will allow alterations to the property, do you require the property to be repainted back to the original color upon move-out? Do the tenants need approval on the paint color before they can paint? Also explain what happens if the tenant does not follow these rules, like a deduction in the rental deposit.
Property use: If you're renting a residential property, you want the unit to be used for living, not for running a business. Explicitly state what the property can and cannot be used for.
Subletting: is subletting allowed? If so, do renters need pre-approval before they can sublet?
Garbage clean up charges
Broom clean condition upon leaving
Content Insurance: Must have
Grow op (if legal) cannabis
Smoke and Carbon Monoxides detectives
Take advantage of extra income opportunities on your rental properties
another source of multiple income streams for Canadian real estate investors
Some properties allow the opportunity to collect additional rental income.
For example, you could collect additional rent outside of your standard lease agreement for:
providing cleaning services
Dry cleaning services for high-end tenants
Parking space (especially in areas where parking is at a premium).
Pets, such as a nonrefundable pet deposit or monthly pet fee (if allowed by your state).