Being a Landlord is a fantastic side-business to have, because it allows you to make the most out of the property (or properties) that you own. Renting out space to a tenant is an excellent way to pay for your mortgage, make extra money for other endeavours, and ensure that your property is well looked after even in your absence.
So many people, the majority being young adults going into or coming out of University, are looking for places to rent in Calgary. It is a seller’s market for renting—capitalize on it now and you won’t regret it!
While being a landlord does come with responsibilities, if you are clear with what you expect and are able to find renters that will respect you, it can be easily managed! We are going to give you some tips on everything that goes into being a landlord and what your rights are.
First you need to make sure that the space you want to rent is habitable. There are lots of building codes and legislation you need to research in order to make sure that you are, in fact, allowed to rent out a space in your home. Remember what a renter would need: a room, access to a kitchen and bathroom, a way to get in and out of the house effectively, a place to park their vehicle, etc. If your current home is not up for the job, consider buying a home to rent out!
The next step is talking to the professionals! Talk to your local real estate agent and get some quotes on what would be a reasonable rent to ask for given what you are offering and what is available on the market. Also have a lawyer draw up a renters agreement that you can get renters to sign so that everything is legal and looked after!
Finding good renters requires advertising and interviewing! Remember that they are interviewing you as much as you are interviewing them. Be sure to be kind and professional, and you will attract kind and professional renters! This is not a time to settle—follow your gut instinct and find someone wonderful.
Remember your basic rights: you can enter the property to check up on things if you are worried, you have the right to evict renters, you can increase the rent if need be, and, of course, you are entitled to being paid rent when it is due. Be sure to give notice for all of these things, and check specific landlord rights for your area!
If you ever decide to sell, you can either evict your tenants or keep them on if that is what the new buyer would like. Offering incentives for keeping the home extra tidy while you have buyers coming in, such as lowering the rent, is a great way to handle this situation with care!
Be respectful and honest, and your tenants will treat you the same. Being a landlord can be complicated, but follow these easy steps and it will make the process go smoothly!
Your Real Estate Professional,