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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 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.

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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.

Categories
Home Rentals Houses for rent

Top 4 Tips for Tenants to Find the Right Home Rentals

Moving to a new property is surely exciting; a fresh start, the beginning of a new chapter in your life. And, whether you are into your lived-in years or you are right out of college, you are most likely to rent an apartment at some point in your life. Renting is the perfect solution for individuals who do not have the intent to stay in one place for a long time and also provides them with a place they can call home.

If you’re planning to move to a new city and are looking for the best home rentals, you need to consider a few things like your priority, budget, location, etc.

However, it’s important to not let that excitement get the best of you. Before you start your search for the best home rentals, there are certain steps that need to be taken in order to find the right property. In this blog, we have put together some helpful tips to help you find the best home rental.

Tips to Find the Right Home Rentals

  1. Prioritize Your Requirements

Before you start your search for the best home rentals, it’s really important that you clear your priorities. Do you want a studio apartment, flat, house, or just a living room? Are you willing to spend money more than your budget or want to keep it in your budget? Remember, answering all these questions will help you narrow your house-hunting search to a great extent.

  • Stick to Your Budget

When it comes to choosing the best rental, one of the biggest deciding factors is your budget. For instance, if you are looking for a four-bedroom house, you have to bear in mind that you may have to pay a premium for extra living space. According to a report published by the U.S. Census Bureau, the monthly rent paid by tenants should never be more than 20%-30% of their monthly income. So, take some time to calculate the price range you can actually afford and stick to it.

  • Get Professional Help

Finding the right houses for rent simply means that your preferences, commute, budget, and other needs should align with the apartment you choose. It is indeed a challenging task as you have to compete with many others for a quality unit in a prime location. However, it doesn’t have to be overwhelming if you let the professionals handle everything for you. As the professionals work directly with landlords, it means you will be notified of the newest rentals properties as they become available in the market. All you have to do is to be specific about your requirements and your budget and ask them to send details on potential rentals.

  • Finalize Your Location

One of the most important things you need to do before you start looking for rentals is to decide the location you want to live in. However, before finalizing the location, make sure it fulfills your needs and requirements like public transport, college, health clinic, job, dietary, or parking, etc. Today, there are numerous rental search engines online that allow you to narrow your search based on location, size, price, and other factors. Go through these websites to look at all the rental properties in the area you want to rent in.

The Bottom Line

Finding the right home rentals doesn’t have to be stressful if you follow the above-mentioned points and seek professional assistance. At Homefinders, we curate and list properties from various individual partners, providing you a one-stop shop to find a perfect home based on your need. To know more about our services, call us today.