Apartment Rental Home Rentals

Most Common Mistakes to Avoid When Renting an Apartment

For many, moving out and renting an apartment for the first time is one of the most exciting moments. Renting not only gives you home without any of the burdens of homeownership but is also an ideal option for those wanting less responsibility and extra flexibility. Apart from that, there are many other advantages of renting a house or apartment. For instance, renters don’t have to worry about maintenance and repairs as the responsibility generally falls on the landlord. So, if you, too, are planning to move and are looking for rental apartments in Kelowna or nearby areas, get in touch with the team at Homefinders. The professionals can help you find the best Kelowna house rentals that perfectly meet your preferences and needs.

Having said that, renting a home or apartment is also a major decision that needs careful consideration. Since the process is new and unfamiliar, you might overlook critical details or end up making several mistakes. In this blog, we will take a look at the top five mistakes first-time renters make while renting an apartment.

Common Mistakes to Avoid when Renting an Apartment.

Top 4 Mistakes to Avoid When Renting an Apartment

By knowing about the common mistakes that most renters make while renting an apartment, you can avoid them as well as save time and money. Some of the most common ones have been listed below.

  • Skimming the Lease Without Reading It Carefully

This is something we all have done at least once in our lives — signed an agreement without reading the “terms and conditions” carefully. But the lease isn’t the kind of agreement you would skim and sign without careful review. Why? Well, that’s because a rental agreement should cover everything. Whether it is a clause related to an increase in rent or rules regarding pets, reading the agreement thoroughly is essential if you don’t want to regret it later.

  • Ignoring the Surroundings

Did you know, numerous tenants choose their apartments based on descriptions and a couple of photographs? But that’s not the right way to select apartment rentals you know. No matter how ideal your prospective abode might appear, you should never overlook the neighborhood you are moving into. After all, you want to make sure that you are living in a calm and secure environment, right?

  • Skipping Renter’s Insurance

Many tenants think that the insurance policy provided by the landlord would also cover their personal property. Well, that’s completely wrong! The landlord’s insurance doesn’t cover your personal property from theft, fire, or water damage. So, once you start looking for places for rent, make sure you have the renter’s insurance. It provides coverage for personal items and offers liability protection.

  • Not Inspecting the Condition of the Apartment

It’s easy to get excited about your new home, but you have to keep your eyes open as well. Remember, before moving into your rental, inspecting the apartment or property thoroughly is very important. It will not only provide you with a safer, more pleasant place to live but will also help minimize or avert disputes with your landlord in the future about the condition of the property.

The Bottom Line: Renting an apartment is a very important decision that involves a lot of deliberation. And apart from these, there are many other mistakes that most tenants make while renting a property. For instance, not asking questions regarding specific rules and instructions, overlooking the budget, and paying too much rent are some of the most common mistakes you need to avoid. Now that you know about these pitfalls, you just have to get in touch with a company that offers the best rental relocation services and can help you find ideal home rentals. At Home Finders, we provide our clients with the biggest selection of Kelowna house rentals. To know more about our services, call 250-899-8133.

Apartment Rental Home Rentals Tax Saving Tips

Tax-Saving Tips that Every Landlord Should Know About

Is there anyone who doesn’t like to own an apartment or a property that helps generate a steady rental income? No, right? After all, owning assets that produce income is always a far better option than having the ones that only generate expenses. Did you know, that today, rental income is one of the most common sources of income? With so many renters looking for apartments for rent in Canada or elsewhere, landlords have the perfect opportunity to earn lots of money by renting out their properties. Having said that, if you own a rental property, you may have to pay taxes on that rental income. Tax on rental income is collected directly from landlords and is calculated by multiplying the applicable tax rate to the assessed value of the property.

However, no one likes to pay property taxes. And, if you, too, are looking for a way to reduce these taxes, claiming rental property tax deductions can be the best way for you. In this blog, we will discuss some of the most effective ways to reduce your property taxes. Keep reading till the end.

Top 4 Tax-Saving Tips for Landlords

Top 4 Tax-Saving Tips that Every Landlord Should Know About

There are many ways that can help landlords to reduce their tax bills as well as avoid them altogether. Some of them have been mentioned below.

  • Invest in Your Properties

Should you want to see the value of your portfolio rise as well as avoid hefty stamp duty charges, invest in your existing properties. For instance, if you are a resident of Kelowna or nearby areas, you can upgrade your house rentals in Kelowna. Repair and maintenance costs such as repairing gutters, fixing the roof, cleaning HVAC filters, replacing broken doorknobs, fumigation, and painting qualify for the deduction. Whether you choose to hire professionals or do it yourself, you can deduct any expenses for tools and equipment.

  • Exclude Maintenance Charges from the Rent

Another way through which you can easily save tax is by excluding maintenance charges from the rent received. We all know that many landlords take maintenance charges from tenants. Maintenance charges typically include all the necessary costs needed to maintain the property. Some landlords include these charges in the rent which increases the whole rent amount. So, should you want to save money on tax, don’t forget to exclude the maintenance charges For this, you just have to add one line in the rental agreement stating that tenants can pay all maintenance charges directly to the society association.

  • Don’t Hide Your Expenses

If you want to lower your property tax bill, we would recommend you claim everything you are entitled to. In addition to keeping every receipt, get in touch with your accountant or tax advisor and find out what you can and cannot claim.

Should you be located in Kelowna or nearby areas and are looking for a company that can help you find ideal tenants, reach out to Homefinders. With the help of our pre-screened tenant database, you will find a wide list of tenants who are looking for homes for rent in Kelowna.

  • Use All the Available Tax Bands

If you are married, you can use tax bands to cut your tax bill. By transferring your assets to your spouse, you won’t have to pay the ‘Capital Gains Tax’ or any stamp duties. Why? Well, that’s because, if your spouse’s tax bracket is more economical than yours, you’ll pay less tax on your property.

The Bottom Line

Should you want to maximize your profit, taking advantage of every tax deduction is very important. Apart from these, there are many other tax-saving tips for landlords. Some of these include purchasing a joint property, opting for short-term occupants, and more. Should you be looking for a company that can help you find the best tenants for your home rentals, reach out to us. At Homefinders, we not only help tenants looking for the right apartments for rent in Canada but also provide landlords with the best platforms to advertise and manage their rental listings. To get in touch with us, call @ 250-899-8133.