There are numerous tax benefits to investing in North York & York Region real estate. These benefits are a big reason many investors choose to diversify their portfolio by purchasing single- or multi-family rental properties.
-Maximize Your Return of Investment:
Investing in rental properties requires the careful consideration of factors, including budget, repairs, and tenant concerns.
Investors often lack regard for these factors and, as a result, struggle to manage their properties independently. So, how can you make informed purchasing decisions to maximize your ROI?
– Healthy Budget:
Successful real estate investors know they need to set aside a healthy budget for maintenance and part of their expenses going forward to maintenance.
But not all damage or repairs have to be the responsibility of the owner. While there are some responsibilities left to the tenant, at the end of the day, it is your investment property which means most issues will be yours to address.
The general idea is to identify and resolve minor maintenance and repair issues before they become a major headache in terms of your time and money.
Determining who should handle which maintenance items. And then putting those terms in your lease can make the day-to-day management of your property a lot easier and keep tenant relations running smoothly.
In general, property owners in the lease agreement try to make some maintenance issues the tenant’s responsibility so this allows them to protect the property and prevent from incurring unnecessary expenses.
– Multi unit Property:
In an multi-family unit, the landlord is responsible for looking after and cleaning all tenant common areas. This includes areas such as the lobby, halls, elevators, stairs, laundry and garbage rooms. The landlord also cuts the lawn and shovels the snow.
Tenant turnover is an expensive part of owning rental properties. So, doing everything you can to extend lease agreements with existing residents and minimize the time between renters will help you as a property owner remain profitable.
Part of being a good landlord as a result of tenants willing to stay more, is to provide and maintain a standard living space for your residents.
It helps to reduce tenant turnover and it is a great strategy for keeping vacancy rates low. On the other hand, if you don’t care about your property, why should your tenants maintain the home?
Tenant right for safe and livable building conditions:
Don’t forget, tenants have a right to peaceful enjoyment of the premises and their rights are covered by provincial and territorial legislation. If it were otherwise, they may notify you of your breach of agreement and give you repair notice that repairs need to be made at a certain time based on Ontario Residential Tenancies Act.
If the landlord ignores their requests, the landlord may be in violation of the law. Tenants can repair the issue themselves and request reimbursement.
Furthermore, the tenant may call the Ontario Maintenance and Standard Unit or Local Health Service Office to ask for a building inspection, based on Property Condition Report.
Apply to the Landlord & Tenant Board for dispute resolution. Eventually notify the landlord of their intent to terminate the Lease Agreement and request all reimbursements if needed.
A safe and livable property typically means:
- The walls, roof, ceilings, foundation, stairs, and floors are structurally sound and safe.
- The electrical, heating, plumbing, drainage, and ventilation systems are operating properly.
- There are functioning smoke detectors, carbon monoxide detectors, and fire extinguishers within the rental unit.
- Appliances and other fixtures are installed correctly.
- All spaces are sanitary and free of any pest infestations.
- Entry doors and windows are lockable.
- Water is safe for consumption.
On the whole, Landlords must ensure the building meets all requirements in the Ontario Building Code Act and Toronto Property Standard before allowing a person to occupy the space.
If you’re in need of assistance with regular maintenance and upkeep of your Toronto investment property, contact zoodpm to simplify your life so you can get back to doing what you want to do.