So you want to be a landlord? Buying a home or condominium for the purpose of leasing out to tenants is something many people are doing today and is generally a positive financial move – rents take care of expenses (mortgage, taxes etc) while the property appreciates.
It’s very important, however to understand exactly what you’re getting yourself into before making the decision to become a landlord.
As top performing Vancouver realtors, we at Lee + Pete Vancouver Real Estate Group have helped countless clients invest in real estate. Not only can we assist you in selecting your investment property, (view some current featured listings here) we can offer some helpful tips that might make becoming a landlord a stress free experience.
Being a landlord has great benefits.
- Financially rewarding
- Long-term value in the property itself
- Strong, positive relationships with tenants.
Being a landlord though, comes with great responsibility. Landlords are never off the clock. Emergencies can occur at a rental property at any time of the day or night and the landlord must be available to address these issues at a moment’s notice.
Great tenants are a blessing but sometimes unfortunately, you find yourself with a bad one. Bad tenants can fail to pay rent in a timely manner, they can cause damage to the property and even possibly, damage to the building itself. This can all be costly to you. Make sure that you are financially capable and stable enough to deal with any surprises that may come your way.
There are also laws that landlords are required to follow when renting out a property. Make a point to review housing laws. Laws related to health codes, security deposits, safety of tenants and discrimination could spell trouble for you if you do not read and understand these laws prior to issuing a lease to a tenant. The lease that you give to a tenant must comply with these laws. Failure to comply with housing laws may mean that the lease is not legally binding.
This is a just a brief collection of things you need to consider. For further information, assistance in finding a property or access to our rolodex of top mortgage brokers and lawyers, give us a call today.
If you’re interested in learning about buying an investment property, click here to access our selling process. Of course, we’re always available for a call or a coffee to chat further about how we can help you plan for success!!!