Being a Landlord as a Real Estate Investor.
Now that you have purchased your piece of Real Estate here in Victoria and the time comes to renting the property out, there are many things you should know and consider. The Residential Tenancy Act is something you want to familiarize yourself with.
How do I start being a landlord?
Whether you have a small apartment in your basement or own a large high-rise, as a landlord you are subject to rules and regulations that define your responsibilities and what you can and cannot do.
Since each province and territory has its own landlord and tenant legislation, make sure you know the rules and regulations that apply to your province (there are some surprising differences). The collection of Provincial and Territorial Fact Sheets is great reference material to get you started. You can also look for books, booklets, and guides published for new landlords (since legislation can change, make sure that the publication is up to date).
It is also advisable to get some expert legal advice. This is a specialized area of law, so make sure you consult a specialist.
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
PS. Check out our new website www.PrestigiousPropertiesInVictoria.com and our Prestigious blog at http://prestigiouspropertiesinvictoria.blogspot.com/
All Articles More Like This