Generally, it is a positive financial move to purchase a home that will be leased out to tenants which can be a strong source of passive income. Before making such investment it is extremely important to grasp a strong understanding of what exactly you will be getting yourself into.
Landlords spend their time collecting their passive income that comes in the form of rental checks while also addressing minor maintenance concerns. Though, it is not uncommon for an emergency to occur at the rental property which requires your immediate attention.
Prior to the purchase of the property, one should invest in the services of a reliable professional inspector to avoid the occurrence of a major structural issue with the property which could be costly. As the landlord it is your responsibility to fix any issues related to the property, therefore you must be financially stable to deal with these issues. For many being a landlord is a great experience, but one should be open to all possibilities related to being a landlord. Occasionally, a landlord can experience a bad tenant that could abuse/neglect the property resulting in property damage.
Having a strong understanding around the Ontario housing laws is essential for Landlord as these laws serve to benefit both parties involved. These laws outline security deposits, health laws, discrimination, safety of tenants and landlords. The lease must adhere to all Ontario house laws in order to be legally binding between the two parties involved.
Overall, there are many benefits that are associated with being a landlord. One should not allow the potential downfalls to be a deterring factor from becoming a landlord. Investing in a rental property is a long term investment with various long term benefits. Oftentimes, landlords build strong, meaningful relationships with their tenants.
It is important to have professional representation to facilitate your rental property experience. Please don’t hesitate to email me or call me directly to further discuss any questions in greater detail.