Categories
Home Rentals Houses for rent

Basic Costs You Need to Consider Before Renting an Apartment

Whether it’s your very first apartment or your fifth, finding an ideal apartment that fits both your lifestyle and budget is not an easy task. After all, with so many different factors to consider, it is natural to lose track of some of the most crucial details. However, by being organized and with proper planning, you can easily make your apartment-hunting job easier and faster. And in case you live in or around Kelowna, finding the right rental apartment can be so much easier. All you have to do is get in touch with the team at Homefinders and state your requirements. The team will provide you with a list of affordable houses for rent in Kelowna as per your preferences and budget.

With that being said, before you start apartment hunting, it’s important to consider how much you can afford to pay. From the application fee, the rent, brokerage fee, and security deposit to the average cost of utilities, parking fees, and renter’s insurance, you’ll need to spend a lot of money before you have even moved in. However, considering these costs will help you decide whether or not you can afford to rent a particular apartment before you fall in love with it. To help you out, we will discuss some of the most important costs every tenant should consider to find the right apartment.

Top 4 Costs to Consider Before Renting an Apartment.

Top 4 Costs to Consider Before Renting an Apartment

Renting an apartment isn’t only about the monthly rent. You have to consider the upfront costs to make sure your budget doesn’t exceed your monthly income. Here is a list of the top four costs you should consider before beginning your search for rental apartments.

  • Application Fee

The application fee is the first thing you will have to pay when you decide to rent an apartment. It typically starts from $30 and may go up to $60, depending on various factors such as the location and type of rental you’re applying for.

Depending on where you are planning to live, you may be asked to pay an administration fee along with the application fee. Some property management companies take the administration fee to cover the tenant’s credit and background checks. However, if you are looking for homes for rent in Kelowna, you can contact Homefinders to avoid paying any additional fees.

  • Security Deposit

A security deposit is an amount that every tenant needs to pay to the landlord at the beginning of the tenancy. It serves as proof of intent to move in and can also be used to pay for damages or lost property. Security deposits are held by the landlords throughout the rental agreement and the tenants can get their security deposit back when they vacate the property.

  • Renter’s Insurance

Another important cost that you need to consider before renting an apartment is the renter’s insurance. It will protect you and your personal belongings and liabilities from unexpected circumstances such as theft, fire, vandalism, and electrical malfunctions. Added to that, it will cover all the expenses in case you can’t stay at your rental apartment and need to temporarily relocate.

So, if you, too, are planning to lease an apartment and are on the lookout for house rentals in Kelowna or elsewhere, we would recommend you take renter’s insurance. In addition to offering you coverage, it will also protect you from liability if someone is injured on your property.

  • Maintenance Fees

Apartment communities that offer luxury amenities, such as fitness centers, swimming pools, game rooms, community gardens, and private spas, require tenants to pay a monthly maintenance fee. Hence, if you want to avoid any surprise charges and get a realistic picture of what you can actually afford, you should include the maintenance fees in your budget.

The Bottom Line Anyone who’s looking for rented accommodation should know that besides paying the monthly rent, tenants need to shell out a significant amount of money for other expenses as well. In case you are looking for houses for rent in Kelowna, you can reach out to us. At Homefinders, we provide the best rental relocation services at reasonable rates. To get in touch with us, call 250-899-8133.

Categories
Apartment Rental Home Rentals

Everything You Need to Know About Holding Deposits.

Finding the right rental apartment can be stressful and time-consuming. After all, there are so many factors that you need to consider if you want to get that one-of-a-kind rental you always dreamed of. From determining your budget and choosing an ideal neighbor to providing documents to your landlord to convince him or her that you’re a good candidate, the list goes on. However, if you live in or around Kelowna, finding rental apartments is even easier. At Homefinders, we provide the best selection of house rentals in Kelowna. So, whether you need a studio apartment, duplex, or triplex, we have got you covered.

When you decide to rent a property, you must know about the different types of payments you may have to pay as a renter. From an application fee and a security deposit to the rent for the next month, there’s a good amount of expenses you need to consider. However, some landlords require you to pay a holding deposit as well. Want to know what a holding deposit is and what it entails? Well, keep reading the blog till the end.

All You Need to Know About Holding Deposits.
  • What is a holding deposit?

A holding deposit is a specialized type of deposit that tenants need to pay landlords to hold the property until the tenants can move in. It demonstrates the tenant’s commitment to the property and needs to be paid before paying a security deposit or signing a lease. However, it’s advisable to make a separate agreement for the holding deposit that will specifically specify the purpose of the deposit. Why so? Well, let’s say, after visiting numerous Kelowna rental properties, you have finally found the right property for you. But you can’t move in till next month. In this case, the agreement will stipulate all the terms and conditions regarding the refund of the holding deposit.

  • How much is a holding deposit?

The holding deposit is typically less than a security deposit and is equal to one week’s rent for the unit you want to reserve. Some landlords may say that the rate depends on the location and the market’s competitiveness, but remember that the holding deposit is capped by law. Hence, no landlord is allowed to ask for more than a week’s rent.

In case you have recently moved to Kelowna and are on the lookout for affordable home rentals in Kelowna, you can contact Homefinders. We curate and list properties from various individual partners to provide you with the best rental apartments.

  • When do landlords refund the holding deposit?

The landlord must refund the holding deposit within 7 days if:

  • The landlord breaks the agreement and rents the unit out to some other prospective tenant.
  • Once the tenant signs the tenancy agreement and pays the security deposit.

However, some landlords don’t return the holding deposit directly. They may roll it into your other costs like the security deposit or the first month’s rent.

  • What happens if the tenant withdraws the application?

In case the tenant withdraws his or her application, the landlord is entitled to keep the holding deposit. Apart from this, there are many other scenarios when the holding deposit won’t be returned to the tenant. For instance, if the tenant provides misleading or false information during the screening or fails the “right to rent” check, the landlord can keep the holding deposit.

The Bottom Line:

The holding deposit promotes the commitment of both parties. While it serves as a tenant’s pledge to rent the unit, the landlord must take the property off the market and should not rent it to other potential tenants. Once the tenant is ready to move in, he or she can either agree to deduct it from the first month’s rent or simply ask for a refund. Now, in case you are looking for house rentals in Kelowna, you can consider getting in touch with us. At Homefinders, we have the largest selection of rental properties to help our clients find the perfect home based on their preferences and requirements. Hurry up and avail of our services today!

Categories
Uncategorized

Top Reasons Why Screening a Tenant Is Important.

For landlords, finding good tenants for their rental properties is the ultimate goal. After all, ideal tenants will not only pay rent on time but take care of your property and keep it well-maintained. Troublesome tenants, on the other hand, may not pay rent on time, damage your property, and even sublet the apartment without your permission. But in order to find a good tenant, the most important thing that you need to do is screen your prospective tenants. However, if you live in Kelowna or nearby areas and are looking for ideal tenants for your Kelowna home rentals, you can contact Homefinders. We provide a pre-screened tenant database to help landlords find the right renter.

Screening your prospective tenants will help you distinguish ideal tenants from troublesome tenants. Added to that, it’ll also help you assess possible risks you would be taking by renting out your apartment. If you’re still unsure whether or not you should do a tenant screening before renting out your property, take a look at the benefits tenant screening has to offer.

Top 5 Reasons Why Screening a Tenant Is Important

Top 5 Reasons Why Screening Tenants Is Important

Sometimes, it is difficult to tell whether the prospective tenant is as trustworthy and reliable as he or she seems. Here, using tenant screening can be very helpful. Here are the top reasons why screening tenants thoroughly is important.

  • Filters Out Bad Tenants

In a perfect world, your home rentals in Kelowna or elsewhere would be filled with renters who caused no damage, paid on time, got along with their neighbors, and did not have a criminal history. Well, the best way to make this dream a reality is through a thorough tenant screening process! By obtaining information about a prospective tenant’s eviction history, criminal history, employment status, and credit history, you can filter out bad tenants who aren’t suitable for your property.

  • Reduces Turnover

Another reason why landlords should screen their tenants is that it helps keep the turnover rate low. Whenever tenants leave, landlords are left with the costly process of filling their vacancies which leads to a higher turnover rate. With tenant screening, you will not only be able to find reliable tenants who are willing to sign longer leases but reduce the turnover rate as well.

  • Help Avoid Costly Evictions

Eviction is a complicated, lengthy, and costly process. Although it happens for a wide variety of reasons, it is mainly due to a severe breach of the lease or non-payment of the rent. By screening tenants, you can reduce the risk of evictions. How? Well, let’s say you live in Kelowna or nearby areas and need good tenants for your rental apartment. Although you’ll find a lot of tenants who are looking for homes for rent in Kelowna, tenant screening will help you choose the right one, thereby reducing the chances of an eviction.

  • Protects Your Property

While good tenants will take care of your property, troublesome tenants may damage your property and leave you with costly repairs. With tenant screening, you will be able to look at the tenant’s prior eviction records and find out whether or not the tenant was evicted for property damage.

  • Reveals the Tenant’s Current Financial Situation

By screening tenants, you can look into their financial situation and determine how reliable they’ll be when it comes to paying the monthly rent. Details like credit score, monthly income, and employment of the tenant will help you find out if he or she has a history of credit card debt as it may cause delays in regular payments.

The Bottom Line: So, if you don’t want high-risk tenants in your rental property, make sure to screen each tenant before letting them in. A thorough tenant screening will help you find ideal tenants who have good credit scores, a clean record, and consistent employment. Should you be looking for ideal tenants for your Kelowna home rentals, reach out to us. At Homefinders, we provide landlords with the best platforms to advertise and manage their rental properties. For more details, visit https://www.homefinders.rentals/landlords or call 1(888)289-9340.

Categories
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.

Categories
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.

Categories
Apartment Rental Home Rentals

Top Questions to Ask a Landlord Before Renting an Apartment

Renting provides you with a home without any of the burdens of homeownership. You can change apartments whenever you want and there’s no burden of accountability either. However, whether you are relocating for work, trying out a new city, or simply downsizing, apartment hunting can be a strenuous task. After all, there are so many things you need to consider while looking for ideal home rentals. Some of the most important ones include the budget, location, neighborhood, and amenities, among other things.

However, if you want to make sure that the potential property is a perfect place to call home, ask the landlords a few important questions before signing the lease. It will give you a better insight into the area, the property, and, most importantly, the people you will be dealing with during your tenancy. In this blog, we will discuss some of the top questions you’ll need to ask the landlord during your house-hunting process.

Key Questions to Ask a Landlord Before Renting an Apartment

Questions You Need to Ask a Landlord Before Renting an Apartment

Should you want to avoid making the mistake of choosing the wrong place to rent, don’t forget to ask the landlords some key questions before you sign on the dotted line. Some of them have been mentioned below.

  • How much is the security deposit? Is it refundable?

Tenants need to pay a deposit amount to their landlords before they move into a rented property. A landlord usually charges between one to six months of rent as a deposit, depending on the location of the property, amenities in the house, and furnishings. So, before renting an apartment, make sure the security deposit is within your budget and is refundable. Also, check the conditions for your security deposit’s return and ask for a receipt for any fees paid.

If you are moving to Kelowna or nearby areas and are looking for house rentals in Kelowna, contactHomefinders. We offer the best home rentals at competitive rates.

  • Can I sublet my apartment?

Some landlords prohibit subleases. So, if you have any plans to sublet your apartment, don’t forget to ask this question before signing the lease. Remember, subletting your apartment without obtaining the consent of the landlord provides a ground for eviction of the tenant.

  • What’s included in the rent?

Many tenants choose rental properties based on the factors like their budget, location, and neighborhood. And when they hear that a property is available that perfectly meets their preferences, they instantly decide to take it up. But, that’s completely wrong! Before renting a property, you need to know what’s included in the rent. For instance, if you live in Kelowna or nearby areas and are looking for Kelowna rental properties, ask the landlord about the amenities that are included in the rent. Some landlords ask the tenants to pay extra for utilities such as water, electricity, air conditioning, and more. This way you’ll be able to avoid unexpected expenses.

  • Does the property have parking?

Questions like “Does the property have a private driveway?”, “Do I have to pay for parking?” can help you decide whether the property is ideal for you. So, ask your landlord if you will need a resident’s parking permit or if the property comes with a parking space.

  • How often are the locks changed?

Asking about an apartment’s locks may not be the first question that comes to your mind, but it shouldn’t be overlooked. Why? Well, that’s because if the locks are not changed often, there is a chance that old tenants might have the access to your rental. So, request your landlord to replace the locks before you live in. This way, you will have the peace of mind that nobody else has the access to your house.

The Bottom Line:

Apart from these, there are many other questions that you can ask the landlord during your house-hunting process. You can ask them if there’s a penalty for breaking any clause, the payment methods for the rent, pet policy, and more. Should you be looking for a company that offers the best rental relocation services and can help you find the best home rentals at affordable rates, get in touch with us. At Homefinders, we offer the largest selection of rental properties that fit your particular needs and preferences. To know more about our services, call 250-899-8133.

Categories
Apartment Rental Home Rentals Rental History

How to Check a Prospective Tenant’s Rental History

As a landlord, you don’t want to let your rental apartment stay vacant for a long period of time, but at the same time, you want to protect your investment as well. While it may be tempting to rent your property quickly in the interest of making a profit, renting it to the wrong tenants can cause numerous problems such as non-payment of rent, damage to the property, disruption to the neighbors, and more. We understand that with so many tenants looking for houses for rent, finding the right one can be difficult. That’s the reason why most landlords use various screening methods like criminal background checks, verification of credit scores, eviction history, and bank accounts among others.

Among these, one of the most important factors that play a vital role in the tenant screening process is the tenant’s rental history. Running a background check on a tenant’s rental history allows landlords to uncover details about an applicant’s previous residences and confirm whether the information provided by them is authentic or not. To help you find the right tenant for your rental property, we will discuss some of the most effective ways to check a tenant’s rental history. Keep reading the blog till the end.

Top 5 Ways to Check a Tenant's Rental History

Most Effective Ways to Check a Tenant’s Rental History

Checking a tenant’s rental history gives you the opportunity to verify creditworthiness, along with the ability and willingness to pay rent. Some of the top ways to check a tenant’s rental history have been mentioned below.

  • Credit History

By running a check on your tenant’s credit history, you can have a clear idea of whether he/she is financially capable enough to rent your property and pay debts on time. For instance, should you be located in Kelowna or nearby areas, you can easily check the credit report of your prospective tenants through online tenant screening services and credit bureau before you put your home rentals in Kelowna on rent.

  • Criminal Background Check

Criminal background checks will help you find whether the tenant has committed any serious or minor offense. This way you’ll be able to avoid putting your property as well as the neighborhood at risk. You’ll just need the tenant’s name and date of birth to run the background check.

  • Eviction History

Another effective way to check a tenant’s rental history is by finding out if the applicant has ever been evicted from a rental property. The eviction history report will not only help you find the right tenant but also in avoiding the costs associated with lost rent, vacancy, resident damage, and delinquent rent collection.

If you are a resident of Kelownaor nearby areas and need help in finding ideal tenants, reach out to Homefinders. We offer a pre-screened tenant database of tenants who are looking for homes for rent in Kelowna.

  • Employment Verification

Although the tenant will provide you with proof of income, we would recommend you to contact their current employer and verify their employment status and history. This will help you find out whether or not the tenant is capable of paying the rent regularly.

  • Contacting the Previous Landlords

If possible, get in touch with the tenant’s previous landlords. A brief conversation with them will help you verify that the tenant didn’t lie on their application. Some of the questions that you can ask the previous landlords include:

  • Did the tenant pay rent on time?
  • How did he/she keep their apartment?
  • Did they cause any damage to the apartment?

Wrapping Up

There you go. By following these steps, you will not only be able to make sure you get the right folks into your properties but also alleviate the stress and the expense associated with it. Should you be looking for a team that can help you post your rental listings and find the right tenants for your rental apartment, reach out to us. At Homefinders, we offer the best platforms to advertise and manage your rental listings and provide a pre-screened tenant database of tenants searching for houses for rent. To get in touch with us, call @ 250-899-8133.

Categories
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.

Categories
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.

Categories
Apartment Rental Home Rentals Houses for rent

How to Increase the Rent Without Losing Your Tenants

Just like a majority of other aspects of property management, increasing the rent is also an art. How? Well, that’s because most tenants would always frown when it comes to increasing the rent, no matter how nicely you treat them. And sometimes if the sentiments of the tenants aren’t addressed, they might want to leave your rental property and start looking for other houses for rent. While some landowners prefer balancing the financial advantages of increasing the rent over keeping ideal tenants who don’t cause any issues and always pay their rent on time, others hesitate to raise the rent due to the fear of causing an argument with the tenants for asking more money or losing the tenant.

However, increasing the rent is usually inevitable as insurance costs increase and taxes go up every year. Also, if the rental market rates increase and landlords do not raise the rent, their net income will be reduced.

Want to raise the rent without losing your ideal tenants? Well, here are some useful tips for successfully raising the rent.

Tips to Raise the Rent Without Losing Tenants

Top Tips to Raise the Rent Without Losing Your Tenants

There are many ways to increase the rent without damaging a successful landlord-tenant relationship. Some of the best ones have been mentioned below.

  • Increase the Rent Gradually

While looking for apartments for rent in Canada, renters prefer having a rent raise policy in the rental agreement that states the rent can only be raised once a year if the lease is renewed. Why? Well, that’s because many landlords increase the rent so much that it goes beyond the renters’ budget and makes it impossible for them to pay the rent.

Remember, raising the rent above the fair market rate will not only make your property unaffordable to the tenants but your existing tenants may not want to renew the lease. Hence, raising the rent incrementally over a period of time until you reach the market value of your property can be an ideal option.

  • Provide Your Tenants with a Notice

Tenants may be initially upset that you are increasing the rent. But if you avoid the element of surprise, give them advanced notice of at least 30 days before raising the rent. It will provide your tenants with ample time to prepare themselves for a higher monthly rent.

  • Give Your Tenants Value for Their Money

Did you know, that tenants choose houses for rent over buying a new home because they can have the access to specific amenities such as gyms, pools, parking lots, laundry facilities, and convenience stores that would otherwise be an enormous expense? So, if you, too, show your tenants what value they will be getting if the rent is increased and also promise to bring in new amenities to your property, they will certainly agree to pay more rent.

The Bottom Line: Every tenant’s situation is different which makes it practically impossible to predict how they will react if the rent is increased. But that doesn’t mean you won’t raise the rent, right? Just follow the above-mentioned points and you will be able to increase the rent easily without losing your tenants. Also, try not to raise the rent by more than 10% as it would definitely bust your tenant’s budget. Should you be looking for a company that offers the best rental relocation service and can help you find ideal tenants for your rental properties, reach out to us. At Home Finders, we offer landlords the best platforms to advertise and manage their rental properties. Moreover, our pre-screened tenant database will provide you with a wide list of renters who are looking for houses for rent.