Planning to Manage your Investment Property?

If you are planning to manage or are currently managing your own investment property, it would be in your interest to consider the following questions:

• Do you know your obligations and your tenant’s rights according to the new Consumer Protection Act?

• Are you operating within the regulations of the Rental Housing Act?

• Do you provide your tenant with monthly statements and invoices?

• Do you keep your tenant’s deposit in a separate interest bearing account?

• Do you have the time to monitor and manage the repairs and maintenance of your property?

• Do you know how to respond if you are called to appear before the Rental Housing Tribunal?

As the owner of an investment property, your goal would be to accumulate wealth and for the property to eventually pay for itself, without taking up all of your valuable time. Provided you have sourced and placed a quality tenant who pays the rent on time, treats your property with respect, and that you fully understand your obligations as well as the tenant’s rights, this goal is achievable.

 

If you are not 100% informed and fully compliant with the laws and regulations that govern this industry, you are not protected from potentially unscrupulous claims from disgruntled tenants, contractors and other bodies. Sometimes it is better (and less expensive) to hire a fully compliant professional who has the expertise and experience to manage your affairs and act in your best interest, especially in a complex industry, with many potential pitfalls.