Tag: Apartment rental

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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

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.

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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.

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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.