With Calgary being referred to as Canada’s affordability capital, more and more people are looking to invest in real estate, whether as a primary residence or as an investment property.
Turning a secondary property into a money-making opportunity is a smart investment, but before you become a landlord, here’s some things to keep in mind.
- Live nearby: this gives the opportunity to check on your property or attend to requests from your tenants as needed. You could also alternatively work with a property manager to handle those types of things.
- Understand landlord/tenant laws: familiarize yourself thoroughly with the Residential Tenancies Act in Alberta. The law includes rules about:
- the responsibilities of landlords and tenants;
- how landlords and tenants can end the tenancy agreement;
- security deposits;
- inspection reports;
- what landlords and tenants can do if things go wrong; and
- many other issues.
- Have an ironclad lease: your lease agreement will protect you as an owner and also ensure rent will be paid on time. Here’s some great information on what should be included in your leas agreement.
- Screen your tenants: make sure you are choosy for who you rent your home out to, and screen your potentials. It’s a good idea to ask for references too, especially former landlords.
There’s a great online library of free resources for landlords here. If you’re interested in purchasing a home for a rental, please contact us.
