If you're a landlord seeking a tenant for your basement suite or rental property, there are crucial aspects to consider to ensure a harmonious tenancy and protect your investment.
As a landlord, you're responsible for maintaining properties to meet health, safety, and housing standards, alongside specific responsibilities concerning rental agreements and tenant regulations.
Essentials in a Tenancy Agreement
Prepare a written agreement for every tenancy outlining key details:
- Parties involved
- Tenancy duration
- Rent amount and due date
- Deposits (if any)
- Pet restrictions and additional terms
- Clauses for adding roommates or specifying utilities and amenities.
Deposit Insights
Typically, landlords request a security deposit that's no more than half of the first month's rent to cover unexpected issues. However, guide or service pets are exempt from these deposits.
Move-In Preparedness
Schedule a move-in time that suits both parties and consider conducting an inspection before the tenant moves in to document the property's condition. Additionally, change the locks upon request from the new tenant, borne by the landlord.
Tips for Selecting Tenants
Carefully assess potential tenants:
- Request proof of identity and check all references.
- Contact previous landlords for rental history verification.
- Perform credit checks to confirm financial suitability.
- List all occupants to be residing in the unit.
Remember, while you evaluate suitability, discriminatory practices based on race, gender, religion, etc., are prohibited. Similarly, denying individuals based on income assistance is not allowed.
Additional Considerations
- Emphasize the importance of tenant screening to ensure reliable tenants through background checks and employment verifications.
- Highlight the landlord's responsibility for timely maintenance and repairs for a habitable living space.
- Suggest the benefit of tenant insurance to protect belongings and liability.
- Discuss the legal procedures for handling evictions following proper protocols.
- Stress clear communication, setting boundaries, and outlining rules and expectations at the start.
- Explain lease renewal or termination procedures, including notice periods.
Adhering to local laws, regulations, and fair housing practices is crucial to avoid legal issues. With thorough understanding and preparation, both landlords and tenants can navigate the rental process smoothly.
Now that you understand the tenant process, consider how we can assist you in financing your property or expanding your portfolio through rental properties. Our competitive advantage lies in various rental offsets, and we collaborate with lenders willing to finance up to 100% of the rent. Moreover, for acquisitions without tenants, we can leverage market rent appraisals to facilitate debt servicing. We're even equipped to discuss strategies like BRRR (Buy, Rehab, Rent, Refinance). There are numerous options available, so don't hesitate to reach out for assistance.