Seeking financial stability? Maybe it’s time to explore the untapped potential of long-term rentals and pave your way to a prosperous future.
With nearly 20% of households in the Okanagan-Similkameen area renting their homes, there’s a strong demand for rental properties – and that’s great news for homeowners like you!
Armed with this insight, here’s what we tell aspiring landlords as they start out on their long-term rental journey:
• Location, location, location. If purchasing, choose a neighborhood with high rental demand and desirable amenities to wow quality tenants. Think about proximity to schools, parks, public transportation, and popular attractions. If you’re renting a home you own, a high-demand location will help you raise the rent.
• Set the stage for success with smart upgrades. Make cost-effective improvements that enhance your property’s appeal. Fresh paint, updated fixtures, and modern appliances go a long way in pleasing tenants and driving up rental income.
• Protect yourself with a rock-solid lease agreement. Clearly outline tenant responsibilities, rent payment terms, maintenance procedures, and any rules or restrictions in a comprehensive lease agreement. Consider seeking legal advice to ensure its effectiveness.
Do you have firsthand landlord experience? What top advice do you have for an aspiring landlord? Share your wisdom in the comments below!
Source: https://www.statcan.gc.ca/en/start
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