Does the idea of being a landlord intrigue you? Maybe you’re aware that Calgary needs more rental housing and you see it as a great opportunity. Done right, it can certainly be a good business to be in and a way to create a steady income stream. Here’s my advice on what to consider before taking the plunge.
- Landlord and tenant legislation
It’s critical to be aware of your responsibilities as a landlord and what to expect from your tenants. Start by reading up on the
Alberta Residential Tenancies Act and take a look at the other helpful information on this site such as security deposits, dispute resolution and more. This is a great first step in learning about your obligations.
- Human rights laws
Did you know that a tenant’s rights are also protected under the
Alberta Human Rights Act? This legislation covers non-discrimination grounds when renting to a tenant such as religion, race, marital status, etc. It also explains how you can set age restrictions and what information you can ask the prospective tenant to provide you with beforehand.
- Repairs and renovations
As you know, any property requires ongoing maintenance. Are you a handyman or handywoman by nature? You can always find online tutorials about making minor repairs. However, if you’re not comfortable with larger projects remember to factor in the cost of hiring a professional from time to time when work is needed. Be aware also that certain home repairs must have an
inspection from the city and may need pre-authorized work permits.
- Finding the right tenant
All landlords are looking for the ideal tenant. Make sure your property presents well to attract interest and consider who you want to market the rental unit to. Are you looking for a family or professional couple who will be long-term renters? Maybe you’re close to the university and want to provide shorter term student housing. While there are many options for finding the right tenant, hiring a Realtor to advertise and show your rental unit can be a great choice.
- The longer view
After a while you’ll discover what you like about being a landlord and whether it’s something you want to do for the foreseeable future. Maybe you’ll find that you really enjoy it, you’ve found great tenants, the rent is supplementing your income and you’re building equity in your property. Terrific! Even so, keep in mind that markets change overtime so it’s wise to pay attention to trends and opportunities in the city.
In summary, being a landlord can be both gratifying and profitable. By taking the time to proactively research what’s involved, maintaining good communications with your tenants and strategically planning for the longer term, it can indeed be rewarding. So, if it’s something you want to pursue, don’t forget to let me know how I can be of service!
