Bart Rybarczyk

100 City Centre Dr #1-702 Mississauga, ON L5B 2C9
Phone: 905-272-5000 Mobile: 416-399-7555 Fax: 905-272-5088 Email Bart

What homebuyers should know about rental units

If you are thinking about supplementing your income with a rental property or unit,  you should work closely with real estate lawyer to anticipate these following issues:

Legal vs illegal rental unit

Provincial and municipal laws determine whether an apartment is legal or not. Things to consider include: what the unit is to be used for., wherether there is legal parking, rules surrounding miminum square footage and # of units allows by zoning, legality of rent charged and condition of the property and required repairs.

Income stream is not guaranteed

If there is ouststanding repair work required, a landlord may not be able to increase the rent for a new teneant unit the reapirs are done. Depending on the rules f the specific province, if the property is not well mentained, tenants can be obtain a rent freeze or apply for reimbursement for costs associated with repairs.

Don't count on raising the rent whenever you want:

Exisiting tenants may already have leases that limit when and how the landlord can raise the rent. Although rent incerase can usually be taken once a year, there may be comlicated legal requirements in terms of the form to be used and how it is to be delivered. In some cases, the amount of the increase may also be limited by law.

Ontario rent increase guildelines

There are condo specific issues:

Most condominiums corporations have restrictions about unit owners rentinig to tenants. Most allow rentals as long as tenants abide by building by-laws and rules.

Other things to keep in mind:

Houses were rooms are rented that share a kitchen and bathroom are often considered boarding houses and may fall under different laws and requirements. Also,renting part of your home may affect the tax treatment of your principal residence by triggering a sale for tax purposes or loosing part of its tax-free status for capital gains purposes.

 


WE HAVE ACCESS TO INVESTMENT PROPERTIES.CONTACT US TODAY!



Whether you are planning to buy your first home or sell your existing home, contact us today! 

We'd love to hear from you!

To:  Bart Rybarczyk
Subject: 

First Name: 
Last Name: 
Email: 
Phone: 
Comments: 


Online Reports

To enhance your buying and selling experience, it’s our job as real estate professionals to provide you with as much valuable information as possible. It is essential that the buyer or seller be aware of all aspects of the real estate market before making a major decision. Whether it be through newsletters, checklists or news articles, we are here to make this process stress-free and rewarding. Please access our free reports today!

12 common mistakes new investors make

First Name: 
Last Name: 
Email: 
Phone: 
Comments: 
 
* * Maximum of 2000 characters