Five Tips For First Time Landlords
Saturday Oct 20th, 2018Share
5 tips for anyone considering becoming a landlord:
- Be clear about your income expectations. You'll have to pay tax on rental income and expect to spend one to two months of rental income on property maintenance and repairs.
- Invest in the location and condition of your space to attract quality tenants.
- Understand your legal obligations as a landlord as well as zoning and insurance issues for renting out your space.
- Be prepared to spend time and energy addressing tenant concerns promptly.
- Stay organized and keep records of all rental expenses.
Have More Questions? Contact the LTB
Monday to Friday from 8:30 a.m. to 5:00 p.m. Customer service officers can provide you with information about the Residential Tenancies Act and the LTB’s processes but they cannot provide legal advice.
|TTY:||Call the Bell Relay Service at 1-800-855-0511|