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Rules of becoming a landlord in Canada

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real estate property

Are you thinking about becoming a landlord in Canada? Number 1 Movers have witnessed people being delighted, but also unprepared. That’s why we’ve decided to help you find out how to become a landlord and tell you what you can expect on that journey. Being a landlord is a big responsibility, and to properly approach it, you should get well-educated on regulations and responsibilities. Only then you’ll be able to truly grasp what it means to be a landlord in Canada. 

Property must be safe

When people come to live on a certain property, they want to know that it’s safe. Of course, it’s also in your interest to protect it. Make the property accessible for different types of actions and people – when residential movers come to bring items in, you want your property to cause as least problems as possible. If there’s an emergency, the safety exits should be available and easily usable. If your property has any problems while your tenants live there, it’s your obligation to deal with it immediately. Do everything you can to ensure safe and comfortable lives of the tenants in your apartment. 

home safety
Ensure the safety of your property when becoming a landlord in Canada.

Know your responsibilities before becoming a landlord in Canada

What are your responsibilities, what should you know before becoming a landlord in Canada?

  • Check out HOA rules to make sure that you can rent out your property
  • You need to upkeep the home while it’s tenant-free and ensure that it’s functional and meets all the promises mentioned in the ad
  • You’ll need to be aware of all the laws that apply to your responsibilities 
  • Respect the privacy of your tenants and announce your arrival on time
  • If you want to increase the rent, know that you have a time frame that you have to fulfill

The rules for landlords differ from area to area

First of all, if you’re not Canadian, you can still be a landlord. If you’re planning on investing in properties there or relocate to Canada, you should check out the best time to do so with your reliable moving company. You should also get acquainted with the rules for landlords that differ from region to region. Do your research and decide which region is the most suitable for you before you make the final decision. 

becoming a landlord in Canada
Always have an interview with potential tenants.

What else should you know before becoming a landlord in Canada

  • Screen your tenants! Put out the ads and let the word out. Moreover, it’s important that you have interviews with all of them. That way, you’ll know if they’re a good fit for your kind of property, and how they’ll be treating it.
  • Have a plan B. If your initial plan fails, you need to have a backup plan that will ensure that you can minimize the losses. 
  • You should always have quality storage space available. If any of the tenants want to get some furniture pieces out of the apartment, you’ll need the space to store them.

As you can see, there are many nuances to becoming a landlord in Canada. It can be profitable, but you have to dive deep into the rules of your district!