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Looking to lease your home? Here's what you should know.
With real estate sales softening , homeowners are considering leasing their property.
Rental properties can provide reliable income but a first-timers success will depend on a lot of factors.- ranging from the location and condition of the property and tax and legal implications of becoming a landlord.
Royal LePage CEO Phil Soper encourages property owners to get an up to date comparative market analysis. The challenge is to get the maximum value and keep it empty for the minimum amount of time. If you have a house or condo empty for any extended period of time your economic situation can be affected considerably.
Soper adds that landlords will also be affected by their personal preferences, skills and available time to manage the property.
Some people really enjoy fixing up the property and even being friendly with tenants while others are more reserved.
Some realtors provide the service of screening prospective tenants to be sure they have good references, financially stable and will fit in with the owner.
Could you be stuck with a long-term tenant you don't want?
Once someone moves in to your property it is very difficult to get rid of them.
Lawyer Max Cohen, senior partner at Cohen LLP in Toronto says landlord-tenant law falls under provincial jurisdiction and rules vary in different provinces.
He said landlords need to understand that once a principle residence becomes an income property, there’s a change to the eligibility for an exemption from capital gains tax if the owner decides to sell which can amount to a substantial amount of money. It doesn’t mean that all of the gain is taxable but you cannot circumvent it by moving back in to the property for awhile.
Article courtesy: David Paddon, The Canadian Press