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How New Landlords can Protect Themselves from Problem Tenants
Everyone’s heard the horror stories http://ontariolandlords.org/blog/superior-court-judge-to-nina-willas-pay-your-rent/ about bad tenants first hand or through the grapevine, they can cause damage, cost money and sour your experience as a landlord. Here are a few pointers on how to avoid turning these nefarious tales of tainted tenants into reality.
Better safe than sorry: Rental Application Forms – This is the first and most important step in finding a great tenant because it tells you about their rental history, lifestyle, employment, friend and family references and other details that may help characterize the potential renter. Always check the facts and if you don’t get the right information, request more or move on. If information on the application sounds unlikely or fishy, it probably is so don’t reel this one in.
Protecting your interests: Move-In Inspection Report & Tenancy Agreement
A move in report is an essential step to protecting your interests, it’s even required in some provinces prior to move-in. This report should be created during a walkthrough with the tenant prior to move in, details are important to note because this will be the basis for resolving any disputes that arise from damage caused by the tenant. Similarly, a tenancy agreement sets the tone for the relationship between the tenant and landlord. There are many free online agreement templates but to best protect your interests it’s prudent to consult your local landlords organization, they often have great resources available.
Do your research: Short term gains can equal long term pains
Due diligence is your best friend. Before jumping into landlord/tenant relationships learn as much as you can. This is a job, the dwelling is your asset and rental income is a part of your future. You wouldn’t gamble with any of these in your day to day life so don’t roll the dice on this one; hedge your bets and protect your interests.
For more resources in Ontario and across Canada this is a great place to start! http://ontariolandlords.org/
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