September 2018
A growing number of individuals believe they can make money being the landlord of a condo suite.
Rent received is expected to exceed expenditures which may include mortgage payments, property taxes, condo fees and in-suite maintenance.
Being a responsible and effective investor-owner-landlord of a condo suite takes time and effort.
Read condo board meeting minutes and other information available to condo owners. Stay aware of what is happening in your investment property. Major projects and other matters that may impact on monthly condo fees may be documented in meeting minutes. Advance notice of these matters will aid in determining an appropriate amount of rent to charge tenants.
Vote in Condo Elections. Be sure to read candidate statements which can provide some indication of candidate experience and education. Candidate statements and meetings prior to an annual general meeting provide a way to gauge candidate capabilities and priorities, and if they are deserving of your vote.
Offer tenants a lease that complies with condo rules. Good tenants are rarely a problem. Tenants that are noisy, reckless or damage common areas are a problem for neighbours and expense for the landlord. Be sure your lease requires tenants to abide by condo rules. Damage or fines resulting from rule violations are the responsibility of the landlord. Making tenants responsible through a lease provides a way to be compensated should the condo corporation require the landlord, as owner, to repay the corporation or deal with a problem. An effective lease is one of the best ways to control or deal with an unruly tenant.
Remain on good terms with condo management. Don’t be unknown to the condominium manager, security staff and superintendent. Should there be problems relating to your property these are the people who are first to know. Their willingness to reach out to you should problems arise, prior to taking more drastic or legal action, can be important to resolution of tenant issues.
Act like a resident-owner. Attend meetings, understand resident concerns and vote in elections.
Protect your investment and property by being a responsible condo investor-owner-landlord.
