Become a Landlord in Ontario, Canada
Being a landlord in Ontario, Canada, seems like a simple job: Find a property you like. Purchase it, fix it up, and get ready to make easy money off your renters! Not so fast: There are some things you need to know before you can become a landlord in Ontario. This article will help you.
Instructions
1. Get to know Ontario. Find out where property is expensive, where it isn't and where property is showing excellent growth on investments. The Ontario Tenants Rights website (see link below) is actually a good resource for landlords because it has a page that lists vacancy rates, average rental rates and the socioeconomic status of areas in Ontario. Real estate in Ontario varies widely, so you will need to figure out the start-up costs involved, including mortgage payments, agent's fees and taxes. Subtract the expected rental income, allowing for a 5 percent or so vacancy rate, and determine your shortfall, if there is one. This will depend on the area in which you purchase property.
2. Find out what the duties of the landlord are in your area of Ontario. The government has a very informative website that lays out the duties and disclosure responsibilities of a landlord in Ontario. You can see this website at the link below. Another thing you can do is to ask a local real estate agent. Real estate agents usually know a lot about local landlord and tenant laws.
3. Be selective when buying property. Renters are usually students, newly married couples or single parents–usually middle class. If you would like to rent to students, consider areas around the University of Western Ontario, or Queen's University. If you want to cater to families, try a suburban area near a bus line.
4. Consider the condition of your property. How much money are you willing to invest? As the landlord, you are responsible for repairs, so it's a good idea to get a home inspection before you purchase the property. Tempted as you may be to purchase the cheapest property possible, in the long run, you will likely lose money on repairs and upkeep.
5. Consider whether to furnish the apartment. This may depend on whether you are going to rent to students. Purchase comfortable, neutral furniture that will appeal to the widest variety of people. If you choose to furnish the apartment with electronics, you could charge a separate fee for the rental of those items.
6. Build your reputation. Your job as landlord is to make sure your renters are as comfortable, and safe, as possible. Attend to complaints as soon as possible, and go above and beyond for your tenants. If you do this, you are sure to get referrals.
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