Renting a property out for the first time can be daunting, both for new landlords and tenants. Understanding the legalities and best practices is crucial for a smooth experience. Here’s a comprehensive checklist to help you navigate your new role as a landlord and maximize your investment.
Inspections and Safety Precautions
Ensuring your tenant’s safety is paramount. Regular inspections and adherence to safety regulations are essential. Make sure to check:
- Building infrastructure (walls, roofs, stairs, floors)
- Communal facilities (stairwells, hallways)
- Systems (elevators, plumbing, electrical, HVAC)
- Heating systems (hot water)
Ensure the property is free of rodents, vermin, and environmental hazards like lead or asbestos. Install working smoke alarms on every story and carbon monoxide detectors in rooms with fuel-burning equipment.
Restoring the Property
Address any out-of-code issues discovered during inspections. Fix the plumbing, ensure all utilities are operational, and repair or replace broken elements like door locks and window hinges before showing the property to prospective tenants.
The Lease Agreement
A clear, cooperative lease agreement is essential. Include:
- Names of all parties (landlord and tenant)
- Lease duration
- Rent amount and payment method
- Security deposit terms
- Rules against illegal activities and disruptive behavior
- Maintenance agreements
- Pet policies
- Conditions for tenancy (e.g., subleasing)
Define entry rights, specifying notice requirements before the landlord can enter the property. Have a legal professional review the agreement and go over it with the tenant before signing.
First and Last Month’s Rent
Collect the security deposit and first month’s rent before the tenant moves in. While some exceptions exist, such as government assistance, this is generally advisable. Some jurisdictions may require the last month’s rent upfront as well.
Change the Locks
For security, change the locks after previous tenants move out. This protects the new tenant and secures your property.
The Move-in Confirmation Checklist
Discuss the move-in checklist with your tenant, noting the condition of each room and the functionality of safety equipment. Both parties should sign and date the checklist to avoid disputes over deposit deductions later.
Consider Property Management
Managing multiple properties or units can be overwhelming. AVS Hospitality‘s expert property management services in Toronto and GTA offer hassle-free solutions. We handle tenant placement, maintenance, and more, ensuring your investment remains valuable.
Our experienced property managers have extensive real estate knowledge and own investment properties themselves. Trust us to provide exceptional service and maximize your property’s potential. Contact us today to learn more about our comprehensive property management services.
