Are you planning to rent out an apartment to earn some extra income? Whether you plan to rent out a single unit, home, or an entire complex, knowing what to expect and what responsibilities you’ll have to take on as a landlord is imperative before jumping in. Being a landlord comes with plenty of rules and obligations that can make it feel incredibly daunting for those who are new to the role. With a little research and some pro tips to guide you, you can be prepared and ready to take on this new and exciting chapter. To learn what to expect, here are some important things to know about becoming a landlord.
The first and most important obligation for any landlord is to keep your rental property well-maintained, safe, and in a good, liveable condition. You’ll need to ensure that everything throughout the property does not pose as a potential hazard and that items like gas or electrical appliances are operating safely. This also includes access to emergency exits, keeping fire and carbon monoxide detectors up-to-date and charged, and performing regular inspections of the exterior of the property. Ensure everything on your property is up to code.
Even if your rental property is newly renovated, as a landlord, you should always maintain an adequate budget for maintenance expenditures. This should include emergency repairs, regular upkeep, and even the replacement of certain things like old plumbing, HVAC equipment, appliances, and windows and doors if they are coming due for a replacement. If a problem arises, you’ll be the one handling the repairs and the bill.
Even if you’re only renting out your renovated garage or an extended area of your home, it’s important to treat your rental as a business. You’ll need to maintain a professional demeanour with your tenants at all times and be continuously hands-on when it comes to any problems. Remember, being a landlord isn’t like making a passive investment that you can sit on. If the rent payment is late or your tenant has damaged your property, you’ll have to deal with those challenges and learn how to solve them appropriately.
There have been many recent changes made to the laws around Landlord and Tenant rights and obligations in Ontario. So always make sure that you’re up to speed on any current or new regulations that apply to you and your location – they will differ between each province here in Canada. Get familiar with the resources available to you, such as the OLA landlord’s association, which offers assistance and has all of the latest info you need to stay informed about the rules governing rentals throughout Ontario.
Of course, no landlord wants to endure a nightmare tenant, which is why we always recommend thoroughly screening tenants. At a minimum, you need to check references from past landlords, verify employment, and perform a credit check. Renting without completing these steps will leave you with some serious regrets down the road when your tenants start neglecting their payments or damage your property.
Being a landlord always comes with some challenges. While some people enjoy dedicating their time to the demands of a rental property, other landlords quickly realize that this isn’t the type of passive income they were hoping for. If this sounds more like you, allow us to help. At Medallion Capital Group, we offer professional, full-service, residential property management services across the GTA. We’ll take care of the tedious and time-consuming tasks so you can focus on more important things, like spending time with your loved ones. Reach out today to get started!