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Being a landlord is also an occupation. When you are a landlord, you are indulging in quite a few tasks including collecting rent from tenants, meeting new people, taking calls and replying to emails, posting about your property, and following up. To become a landlord in Ontario, you have to find a profitable property in a desirable neighbourhood. You will get a good flow of income and the property will get maintained too. However, your responsibilities don’t stop there.
After all, an empty house is no good! It attracts bad energy and gets dirty too soon.
Being a landlord is a great profession, but there are some challenges too.
You will have challenges and responsibilities both, so there is no way to shrug it off. Ready for a new, exciting, and dreadful ride? Well, here’s a quick post that unravels the challenges a landlord faces in Ontario. Brace up, mate!
It can be annoying when your tenant keeps delaying the rental amount. Ideally, you should inform them beforehand about the rent payment deadline.
If they have financial concerns, it is not your responsibility to give them shelter while they are financially broke.
It would be helpful if you could screen the tenant’s profile before giving them your house on rent.
If they are financially stable and have a good job, the chances of them fleeing goes low.
Weed out the ones who have been defaulters in paying the rent. If there is a bad history of the prospective tenant, it’s best to move to a new candidate.
Wouldn’t it be devastating if the tenants damage your property?
Perhaps you have given a furnished house on rent and certain items are missing or damaged. How do you deal with this?
So, a security is deposited before the tenants move in. In case there is any damage, you can deduct it from the security amount.
Negligent behaviour is not tolerable. If you find that the tenants have been damaging your property, you must tell them to vacate the house.
If you have precious items or gadgets in the house, make a list of the things you have provided and put it in the agreement of what all is there. When the tenant leaves the house, you can check the list and see if everything is in place.
There are some irresponsible tenants who do not keep the home clean or well-maintained.
You can mention in the lease regarding the infractions that will result in money deduction from the security deposit.
Remind your tenants about the servicing date of all technological gadgets. The air conditioning unit, heating system, water filtration system, and other objects need servicing from time to time.
Let’s say your home is not on rent and you are losing out all the money you could earn.
If your house is vacant, it will not be maintained, and you will have to pay all the associated costs without any inflow of money.
In the case of no tenant in the house, you can stay there or invite a family friend to maintain the space. However, your goal should be to find a tenant immediately.
Perhaps this is the biggest nightmare for any landlord.
As a landlord, you would want the tenant to stay at the property for an entire year and not leave midway.
What if the tenant flees and does not return? You will incur a major loss when this happens. Ideally, you should do a background check of the prospective tenant.
Contact a real estate investment agent in Brampton and they will find a good tenant for you who will abide by all the rules.
They are responsible for the background check and everything else so you would not have to bother about little details.
Landlords face many challenges, but the biggest challenge is to collect rent from someone who keeps delaying it or does not pay.
There are ways to handle this situation as well. Besides, encroachment is an offence and nobody can encroach your space without paying the rental amount.
Being a landlord brings perks but it also a lot of responsibility. A real estate investment agent will help you start the journey of becoming a landlord. Connect with Realtor Catherine Nacar today.