Last Updated on November 3, 2021 by Kravelv
Renting out a condo is an awesome way to earn passive income. Though it is not as easy as it appears, it is one of the most direct investments that can bring you an outstanding reward. When it comes to renting out a condo, you have to be vigilant and careful as any mistake can cause you a considerable financial loss.
If you live in Canada, and you want to invest in a condo, then Toronto can be a fantastic place for this. According to the Toronto Real Estate Board (TREB) annual report, rents increased by about 10.5% over one year from 2019 to 2020. If you want to rent your condo in Toronto, then Surex can help you. Learn more about tenant insurance and much more with Surex.
If you have already had a condo in Toronto and you want to rent out your condo, then all you need is some guidance. You can get all the guidance related to how to rent out your condo in Toronto, so read it carefully.
Lease with an Expert Agent
Having a big rental condo is an awesome thing, but you need an expert agent to get the maximum out of your investment. An experienced real estate expert will help you get the right tenant and the maximum rent out of your condo.
An expert will take care of your property and ensure that you get an honest tenant that pays you the highest rent of your property. Besides, an expert agent also keeps you stress-free and leases your condo at the best rates. An experienced real estate agent will help you achieve your goal to rent out your condo at the maximum price.
Search for the Right Tenant
Finding an honest tenant is a hectic task. Searching for the right tenant is an important factor in renting your condo. For finding the right tenant, you can employ various methods. Advertising your condo in a local newspaper and distributing flyers can prove to be a fruitful step in finding a tenant.
Meet the potential tenant and negotiate them for your desirable rents. Write a lease agreement, and also verify the tenant’s employment history. Hiring an expert agent can help find the right tenant. While searching for the tenant, don’t forget about tenant insurance. Getting tenant insurance in Toronto is necessary, even if you have real state insurance.
Set an Appropriate Rent
Setting reasonable rent is necessary for renting out a condo. For finding an appropriate rent for your suite, learn about the local market rates. Also, search how much rent your neighbours are charging. Search for the utility bills that others in your building include while renting their condo.
Next, look if there is any unfinished construction. Any unfinished construction work can cast a bad impression on a potential tenant. Also, look at what facilities you are giving to the tenants? After learning about all such things, set an appropriate rent for your condo. Consult with an expert agent for setting the right rent for your condo. An inappropriate rental price can reduce the tenants’ interest in your property, so don’t set overly high rent.
Review the Rules and Regulations
Condominium rules and regulation has a significant impact on renting your condo. If your unit has rules that are too strict, the tenants will not get attracted to your place. You should be familiar with your building’s rules when you purchase your condo, and you should follow them. But when you have purchased the condo, you can review the rules and regulations and make a few changes in the rules. Start by knowing about the rules and their limits. While reviewing the rules of your building, you should not exceed the limits. You can work on rules and change them a little, but stay within limits.
Set up a Lease Contract
The lease contract is an essential thing for renting a condo in Toronto. It’s a legal agreement between the condo owner and the tenant. A lease contract contains numerous standard statements for the protection of your property. Besides, many non-standard clauses are also added to ensure the safety of your condo.
Setting up a lease contract or application needs tactics to screen the tenants. For setting up a contract that provides you with better security, consult an experienced Toronto real estate expert. Don’t forget that the contract must contain statements that protect your property and possession.
Proper Rental Insurance
When it comes to renting your condo to a tenant, it means giving one of your precious things to someone else for use. Being a landlord, you should get proper insurance for your condo. Rental insurance safeguards your suite from potential damage. Destructive tenants can ruin your valuable property and leave you in a renal loss. To prevent such a situation, proper rental insurance is very important.
While choosing the right rental insurance, select one that offers the security of various equipment. Choosing the right rental insurance gives a landlord courage to say “Rent my condo” to the tenants confidently. Rental insurance protects you and your condo from financial loss so that you can have your heart at ease.
Maintain Your Condo
An essential thing that helps you rent a condo in Toronto is the maintenance of your suite. Poor maintenance can make your condo less appealing to the tenants, and it can significantly drop its value, especially in Toronto.
For maintaining your condo, hiring a professional home cleaning service is an excellent choice. Hiring a home cleaning service ensures that all the things in your condominium could stay clean and tidy all the time. The floor should be spick and span; the beds could be at the right places with proper bed sheets. Also, invest in repairing or replacing the damaged furniture, and paint your condo. Proper maintenance will make your condo more attractive and appealing to the tenants.
Though renting a condo is not easy, but it can help you make a lot of money. The above tips can assist you on your way to rent out your condo in Toronto. So, employ the above information and find the right tenant for your condo.