Should You Sell or Rent Your Home
Well now that home sales in Edmotnon have slowed down many unsuccessful home sellers are left wondering if perhaps they should rent their home so if you're considering renting here are some tips on avoiding nightmare tenants.
I've been a REALTOR® in Edmonton for 35 years and I've owned investment properties for over 30 years so I've learned a few things along the way.
First off, if you are not familiar with the Landlord and Tenant Act I would suggest getting a copy and start reading it. It's important you understand what your rights and obligations are. You may find the ACT favors tenants over landlords. At least that's my opinion, tenants may think otherwise. For example you might think that if a tenant fails to pay their rent you can just move them out but the fact is there is a legal process you have to go through and if they are not cooperative it can take you weeks or even months to get them out. So get to know the ACT.
Number two is renting is normally best as a long-term investment not a short-term solution. Renting your home for a few months until the market hopefully improves may not be the best strategy. First of all it can be difficult finding tenants who are prepared to move out after just a few months. And also moving in and out could cause damage to walls, hardwood floors, and so on. What if you now have to invest money in repairs and painting to make it presentable for sale? Also do you plan to put it on the market while the tenants are still living in the home? Well what if it doesn't show well? or they're uncooperative with showings?
Number three is who's going to manage the property? If you live in town then certainly you can do it but if not you're likely going to want to hire a property manager and there's certainly a cost to doing that.
Number four if you do decide to rent your home make sure you do your due diligence on any prospective tenants. Don't just rent to the first person who gives you a deposit.Have them complete an application. check their credit are they employed, ask for references of previous landlords and call them.Listen if you get a good tenant renting can be easy and profitable but if you get a bad tenant it can be a nightmare and cost you thousands even tens of thousands of dollars.
I hope these tips have been helpful if you have any questions at all about renting please feel free to give me a call at 780-462-5002 and good luck with whatever you decide.