Renting your home or a suite in your property is a great way to offset mortgage costs and make a little extra income. Plus, being a university town, Nanaimo has a constant need for rental properties. However, there are a few things you should consider before investing in Nanaimo real estate to rent. Here are some significant things to think about before becoming a landlord:
Is the Suite Legal?
As with any building, you must make sure to take the proper proceedings to legalize the dwelling. This means making sure the structure was built under the correct building code and that all safety features are compliant with the Zoning Bylaw and BC Building Code.
This may mean you must invest time in significant research since laws pertaining to existing home suites and separate rental properties can differ in some ways. It’s also important to have a parking strategy figured out before showing the place to potential renters to avoid parking infractions.
Safety Is Important
With a rental property, safety is of the utmost importance. There are many things that a landlord must check off their list before renting a property to the public. Some safety items of note include smoke alarms; bathroom and kitchen exhaust systems, working plumbing, window size, security systems, locks, carbon monoxide detectors, HVAC systems, shut-off valves, and more.
Get Help Writing a Lease
Not everyone is fluent in the legalese required to write a rental lease. However, as a landlord, it’s one of the most important documents you have. A rental lease should cover all your bases and make sure you are protected in case anything goes wrong. The lease is a binding agreement that will ensure you get paid rent on time and that your tenants take care of the property. If you are unsure about how to get started writing a lease, you can always reach out to experienced real estate agents for help.
Repairs and Inspections Happen All the Time
As a landlord, you must make sure the home is safe for renters to live in. You also want to protect your investment, which is why regular inspections are vital. You should also expect to be on-call during emergencies and available to repair things when something goes wrong. This doesn’t mean you need to learn how to do plumbing and electrical work, but you should have a reliable group of professionals in your contact list to call when you need them.
Screening is Key
You are not legally required to rent your property to anyone who calls. Landlords should always interview potential renters and screen them with credit checks to make sure they will be suitable for your property. This will save significant headaches in the future.
For more information and help becoming a landlord in Nanaimo, BC, call Layzell, Dreger, Walton & Associates at (250) 585-2601 today.