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Apartment Rental Home Rentals Houses for rent

What Are the Best Ways to Deal With a Holdover Tenant?

One of the most challenging parts of being a landlord can be dealing with renters. How? Well, let’s say you are a landlord in Kelowna or nearby areas and are looking for prospective renters for your house rentals in Kelowna. Before choosing a tenant, you will have to verify their proof of income, check their credit scores, and run a criminal background check to make sure they are the best fit. When you rent your apartment to a good tenant, you can be confident that he or she will take care of your property, pay the rent on time, and follow the terms of the lease. A bad tenant, on the other hand, will never make on-time rental payments, lead to significant damage to your property, and may not even report maintenance issues until they are unbearable. However, nothing can be more distressing to landlords than having to deal with renters who continue to stay in the apartment without their consent.

When a tenant refuses to leave the apartment even after the expiration date of the lease, he or shebecomes a “holdover tenant”. In a situation like this, the landlord should take the case to the authorities and follow the proper legal procedure to evict the renter from your property. In this blog, we will discuss some of the best ways to deal with a holdover tenant and reclaim your property.

Top 5 Ways to Deal With a Holdover Tenant

Top Ways to Deal With a Holdover Tenant

There are various ways to deal with holdover tenants, but regardless of which way you choose, you need to make sure it doesn’t involve any financial risk.

  • Give the Tenant a Formal Notice

Beforestarting the eviction process, you need to send a formal notice to the holdover tenant. Itwill inform the tenant that he or she must leave the property by a specific date or you will initiate eviction proceedings.

Some of thepoints that must be included in the notice are:

  • A justifiable reason for the eviction
  • Address of the rental property
  • Date when the tenant must move out

If you are looking for good tenants for your house rentals in Kelowna, you can get in touch with Homefinders. We provide our clients with a pre-screened database containing all the important details about each tenant.

  • Terminate the Lease Agreement

Whena tenant significantly violates the terms of the lease agreement,a landlord can officially terminate the lease. And since the holdover tenant has violated the rules by continuing to live in the apartment even after the lease has expired, you have the right to send a notice stating that the tenancy has been terminated. The termination notice will clearly state that the tenancy is over and the renter must vacate the apartment or the landlord will file a lawsuit.

  • Evict the Tenant

If you don’t want the handover tenant to continue to stay at your apartment, you can choose to formally evict him or her. Having said that, you can’t threaten the tenant in any way or forcibly remove them. You need tofollowthe right ways to serve an eviction notice properly andstick to the legal eviction process.However, in some places, you will need to provide proof of a lapsed lease to prove that the tenant is staying in your rental apartment without your permission.

We understand that with so many tenants looking for homes for rent in Kelowna or elsewhere, finding the right ones is not always possible. But, should you want to steer clear of bad tenants, make sure to prepare a lease agreement before letting out your apartment.

  • Opt fora Month-to-month Lease

If you don’t want to keep your rental apartment vacant, you can opt for the month-on-month lease option. In this case, the holdover tenants can continue to live in the apartment for an agreed-upon period.

  • Sue for Damages

Someholdover tenants not only refuse to vacate the apartment but also leave the property damaged. In such cases, youhavethe legal right to sue your tenant. Moreover, you can also withhold the security deposit to cover damages or take legal action to compensate for the damage.

The Bottom Line:

There you go. By following these steps, you can easily deal with holdover tenants and have them removed from your rental property. Should you be looking for a company that offers the best rental relocation services, reach out to us. At Homefinders, we offer a pre-screened tenant database containing a list of tenants looking for house rentals in Kelowna. To know more about our services, call @ 250-899-8133.

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Apartment Rental Home Rentals Houses for rent

Why Is Renting an Apartment Better Than Buying One?

Buying a home is a significant investment for most of us but that doesn’t mean it is for everyone. Due to the sky-rocketing property prices, a lot of people are opting for home rentals rather than buying an apartment. After all, renting an apartment involves just one recurring monthly cost: the rent. Homeownership, on the other hand, includes various expenses such as financing and registration costs, property tax, maintenance cost, and more. However, deciding whether to rent or buy an apartment is indeed a big decision as it not only affects your personal goals and lifestyle but most importantly, your financial health. They both need you to have a regular income so that you can afford the payments and associated costs.

Both renting and buying have their own advantages, but renting does appear to retain an edge.Although you need to pay a security deposit equal to one month’s rent, it is considerably less than a down payment. Moreover, renters have greater flexibility,lower utility bills, and access to amenities, such as parking lots, gyms, and pools that might otherwise be extremely expensive. In this blog, we will discuss some of the top reasons why renting an apartment could be a better option than buying one.

Reasons Why Renting an Apartment Is Better Than Buying One.

Top 5 Reasons Why Renting an Apartment Is Better Than Buying One

While buying an apartment involves some serious savings, renting can help you maintain your lifestyle and flexibility. Here are the top reasons why renting could be the smartest move.

  • No Down Payment Is Needed

The down payment typically costs around 20% of the cost of the home, excluding the settlement fees. So, let’s say you are planning to buy a house in Kelowna or nearby areas and the cost of the house is around $200,000. This means that you will need to have over $50,000 in cash. Renters, too, need to save up some money for a security deposit but that is nothing when compared to the amount of cash you have to save for the down payment. Also, the security deposit will be returned to you when you move out, provided you have not damaged the rental property. Hence, opting for homes for rent in Kelowna might be an ideal option for you.

  • Don’t Need to Pay Property Tax

Property taxes can be a significant financial burden to homeowners and are determined based on the amount of land on which it’s built and the estimated property value of the house. But when you are renting an apartment, apart from paying the rent and utility bills, you don’t need to worry about any other property-related costs.

  • No Maintenance Costs

One of the top benefits of renting an apartment is that tenants don’t need to pay any repair bills or maintenance costs. If something needs fixing, such as a plumbing issue, you just have to call the landlord and ask him/her to fix it.

Should you be located in Kelowna or nearby areas and looking for places for rent, reach out to Homefinders. We can provide you with the largest selection of rental properties that fit your needs and preferences.

  • Access to Amenities

When you rent an apartment, you can have access to numerous amenities that can otherwise be a huge expense. Some of these facilities include swimming pools, business centers, community rooms, parking lots, and fitness centers, among others.

The Bottom Line

Apart from these, there are lots of other reasons why renting an apartment is better than buying one. Renting an apartment provides you with the flexibility to move out whenever you want without any penalty. Moreover, it doesn’t need any significant financial investments. So, if you need assistance in finding affordable home rentals, you can get in touch with our team .At Homefinders, we go through hundreds of websites on a daily basis to provide our clients with the best rental properties to choose from.