Buying, managing and renting out residential real estate (detached house, semi-detached, condo or apartment, townhouse, etc.) consists of many, many different moving pieces but do not worry because I have unpacked the things I have learned over the years and provided them for you in my book, The Residential Real Estate How-To Guide, available for purchase online. This book gives you a ton of information about buying a property, different types of property, maintaining said property, renting out the property and much more and it is completely specific to Ontario rules and regulations.
For example, here are some of the items you have to consider when considering buying a new residential piece in Ontario:
- are you pre-approproved for a mortgage and is it variable or is it fixed-term?
- property maintenance (gardening, shoveling, general grounds tending, etc.)
- are you planning to rent it out?
- what kind of tenant are you looking for? Know ALL the ins and the outs/rules of the Landlord and Tenant Board and know them all well
- how is the quality of the roof for the property you are looking to buy (this is a big ticket item)?
- are all the appliances working?
- flooring, countertops, etc.
- have you checked out the land survey?
- are there big trees on the property?
- nearby amenities
- transit accessibility
- much more
With home real estate prices being what they are in Ontario and (frankly, around the world), you must carefully consider all of these things. The ticket acquisition (asking and offering) price is not the end of it. In fact, it’s just the beginning.
Being a Residential Landlord
Renting out and being a landlord in Ontario is not for the faint or heart and requires many important skills if you want to be successful at it. There are many rules governing this business relationship and they must all be taken seriously and you must know about them if you are planning to be a successful landlord in Ontario.
Here are some of the items you have to consider when considering renting a residential property in Ontario:
- are you going to list the property on MLS? Kijiji?
- are you going to list the property yourself or with a real estate agent?
- are you prepared to pay the listing real estate agent’s fee and the cooperating agent’s fee?
- what are some things that are included in standard Ontario residential leases (and therefore, you cannot get around those items)?
- what are some things that are not included in standard Ontario residential leases (and therefore, you have some wiggle room with those)?
- what are the fixed chattels and amenities you are providing in the space and that will stay there for your tenants?
- in Ontario, tenants do not have to leave after the first year of tenancy, even if the lease is originally only for one year. Tenants in Ontario can stay for many years so are you prepared to not have your space back for some time?
- all about rent control and how it can lead to very limited profits for you, the Landlord
All of these things are very important considerations to take into account because they are things you are going to have to deal with (whether you like it or not) should you decide to go down this path of being a residential real estate landlord in Ontario.
Have more questions about being a residential Landlord? Please check out my podcast on podbean where I talk about the dos and don’ts of being a Landlord in Ontario, as well as some tips and tricks to make sure you get the best deal for your property (and why you shouldn’t always rely only on your real estate agent to get you the best bang for your buck).
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