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Renting your property out and tenants

Renting Your Property Out and Tenants

Letting a home either as a landlord or a tenant, is something most of us do at least once in our lifetime. For individuals that have left home as a young adult and moved straight into their own home, therefore never leasing are in the minority. Some people however, do acquire houses to lease out. There rarely is a perfect landlord and tenant relationship, even the best ones can have the random disagreement or dispute. So whether you are a landlord or a tenant, here are some tips on making it go a little smoother:

If you are the person renting the property first of all, do everything you can to to pay the rent on time. Nothing is this life is free, so if a landlord is providing you with a property then you should not make them wait for monies owed Also try not to be too wild and do not damage the property or the yard Treat the home as if it was your own, you wouldn’t want someone damaging your property so don’t do it to theirs. Do not take in extra tenants unless it has been agreed with the landlord; keep to the figure agreed upon.

Make sure the home is in a decent state of repair before advertising for tenants, if you are the landlord. Inspect the home for broken windows and doors, make sure everything is safe and the property is clean. Try to pay for gas, water or electricity (if you are responsible for these) on time so that there will be no nasty surprises for the tenants – it won’t be acceptable if suddenly there isn’t running water. As per tenancy agreements you do not have the right to turn up and let yourself in without permission, therefore do not keep a spare set of keys. You need to recognize the tenants right to privacy, even if it is your home , they are paying you for the right to reside there.

As a Forest Hill Toronto Homes expert I believe the most important thing to think about is put everything the tenant and the landlord decide on, on a contract. Some examples of what should be included are: who pays the service bills, the date the rent is due for payment, the amount of notice that needs to be given by both sides and who is accountable for property repairs. As a landlord are you going to give permission for dogs in the house? Simply, agree on terms, write them down (trust me, it can prevent many possible issues and to be a good landlord and tenant, try to follow the rules.

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