Renting out – a guide
Becoming a landlord can be very rewarding and help chip away at the mortgage, if you do it right. Setting yourself up for success is key, so here are some tips and tricks I’ve picked up over my decades of managing my own rental properties.
- Start with determining the amount of rent you will be asking. Don’t simply set the price at what it will cost you monthly. Check out other listings in the area to see what they are asking for comparable properties.
- Have an application form for potential tenants and verify the information. Checking the references and even a quick Google search will help when choosing a tenant.
- Make sure you have a detailed, current lease agreement. There are “standard” forms that can be found online and I prefer modifying it to include my own, unique clauses. Do some research to make sure you’ve covered all your bases.
- Chat with your insurance agent to make sure you have the right policy in place for a rental property.
- Have a fund for emergencies, like a visit from a plumber or appliance repair tech. You can guarantee that “things” will happen so be ready.
- Know your responsibilities as a landlord. Read over the Residential Tenancies Act of Alberta and other helpful information & tools on the Residential Tenancies page found here https://www.alberta.ca/residential-tenancies.aspx.
Being prepared will make the whole process so much smoother and help make your investment really work for you. If you want to chat more to see if investing might be for you then call me. Visit me on Facebook and Google!