Tips for Investment Properties

Investment properties are real estate which is purchased for the purpose of generating financial returns. Whether you buy a large apartment building or rent out your basement, when you are renting to a tenant you become a landlord which means you are subjected to laws, responsibilities and regulations that differ between provinces. Below are ten tips for renting your investment property.

1. Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
2. Get to know the landlord-tenant relationship regulations in your province.
3. Inform your insurance company about your plans for renting out space in your home, and ask them if you require additional coverage.
4. Get your home renter-ready. Whether it requires simple changes like a fresh coat of paint or major renovations, make your home look and feel as spacious, bright and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
5. Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are listed for. You can ask your Royal LePage real estate agent for pricing advice, and to help you find the right tenants through a listing.
6. Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
7. Draft a written tenancy agreement. It may contain information such as the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
8. Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
9. Request a minimum deposit in advance that may be used against any property damage or unpaid bills, depending on the laws in your province.
10. Have the tenant sign the agreement, and provide him or her with copies.

 

 

 

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Pet Odor Days Are Over

Here are a couple tips to get rid of pet accidents and save your belongings:

 

1. First, use water with soap or a detergent to water down and remove as much of the urine as possible. Then rinse the area very well.

 

2. Next, apply straight white vinegar to the area.
-make sure this will not affect the color of your rug or furniture by doing a spot-test first.
Rub the vinegar in very well and allow to dry until the area is just damp. Be sure to wait until the vinegar is nearly dry before applying the baking soda.

 

3. Apply baking soda generously to the damp area and allow to dry completely.

-If baking soda gets too wet, it will make a mess that is hard to vacuum. Once it then dries it can stick to the fabric of a carpet and be hard to fully rinse off. 

 

4. When dry, vacuum thoroughly.

 

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5 Things That Will Ruin Your Closing

From the Buyer’s perspective 

1. Seller will not allow inspectors inside home in a timely manner.

2. Seller did not own 100% of property as previously disclosed.

3. Seller does not disclose all hidden or unknown defects and they are subsequently discovered.

4. Final inspection on new home does not pass.

5. Seller does not appear for closing and won’t sign papers.

 

From the Sellers perspective 

1. Buyer loses job and can’t complete.

2. Buyer experiences an illness, injury, divorce or other financial setback.

3. Interest rate increases and buyer no longer qualifies.

4. Buyer does not budget for closing costs and down payment.

5. Buyer submits incorrect information to the lender.

 

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Open House Checklist

1.   De-clutter

- Clutter is a turnoff to most buyers. You can not just stuff everything into cabinets because buyers will be looking in these areas to access storage capacity. So get rid of it or put it outside. 

2.   The white glove test

- Give your house a deep clean and attend to spaces that are often ignored. To vaccum is not enough, give your carpets a shampoo. A maid service is worth the investment.

3.   Get a check up

- Consider having a pre-listing home inspection report prepared.

4.   Revive and Repair

- Complete any half finished projects, rip up old carpets, and consider a fresh coat of neutral paint.

5.   Enhance Curb Appeal

- Lawn cut? Roof need repair? Gutters clean? Driveway sealed? Your house needs to look as good outside as it does inside. 

6.   Lawn and Order

- Pay attention to landscaping. Pull weeds and dispose of any dead plants.

7.   Depersonalize

- Put away family photos, children’s artwork, trophies and pet toys. Clear the fridge it makes the kitchen look cleaner and bigger.

8.   The Sniff Test

- Ask a friend or your agent to help you identify bad smells in your home. Do not attempt to use deodorants and air fresheners to cover the smells – address the problem.

9.   Light up your Life

- clean the windows so buyers can appreciate how bright rooms really are and make sure every light fixture has a working bulb.

10. Out of Sight 

-  before you allow strangers into your home, stash all your valuables.

 

 

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How to Get Out Carpet Stains

Ketchup drips. Chocolate drops. Wine spills. If the party's at your place, expect a festive, colorful carpet after your last guest has gone home. If you act fast, you'll keep common carpet visitors from taking up permanent residence in your home. First things first: Blot (don't soak) or spoon up the excess, then try the remedies below. Use a plastic bucket or old plastic container to create the solutions described.

 

1. Blot the excess. This is the overarching rule of carpet-stain cleaning. Don't soak or wipe it, otherwise you're stuck with the stain for life.

2. Know your stain. Figure out what kind of stain you have on your hands. Unlike clothing, carpet stains can often be difficult to discern after a few moments. Smell it if you have to. Seriously.

3. For grease stains, dab with a small amount of dry-cleaning fluid. Then, blot with a small amount of dishwashing liqiud and warm water. Blot from the outside in, and let stand for five minutes.

4. For juices and wines, mix a small amount of laundry detergent with lukewarm water (or ammonia) and blot the stain. Then, sponge lightly with club soda and blot on the detergent-water solution again.

5. For eggs and dairy products, blot with ammonia and sponge with warm water. Then, blot with white vinegar and warm-water mixture.

6. For ink, blot with dry-cleaing fluid, and then repeat the steps for step 3:

7. Place paper towels over the stain and let dry, overnight if you have to. This is a universal step that should be performed after steps 3-6 (depending on stain type).

8. Brush clean and vacuum once the stain is dry. The flat brush should pick up and dried particles that are lingering, and the vacuum will do the rest.

 

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Moving with Children

Not to panic. It is very easy for a child to adapt to new surroundings and make new friends. Of course, they will be uneasy doing so. Here are some ideas on how you can help your kids become more comfortable in their new neighborhood.

 

1.  Locate kids who live on your street and within your neighborhood.

2.  Bring your child(s) to local parks/playing areas

3.  Host a party. Invite parents and their children and get to know your neighbors.

4.  Find out what’s happening in your neighborhood.
Local recreation centers or community clubs is a good place to start.

5.  Join the local library.

6. Sign up for sports.

7.  Get outside!

 

 

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Types of Mortgages

The CalumRoss Team has been ranked number one mortgage consulting team in Canada for years. Take a moment to review these different types of Mortgages before deciding which is the type for you:

http://calumross.com/mortgages-canada/mortgages-101/types-of-mortgages/#preapprovedmortgage

 

 

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Types of Mortgages

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The CalumRoss Team has been ranked number one mortgage consulting team in Canada for years. Take a moment to review these different types of Mortgages before deciding which is the type for you:

http://calumross.com/mortgages-canada/mortgages-101/types-of-mortgages/#preapprovedmortgage

 

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Fire Safety Tips

It is important to prevent and prepare for the worst and here are a couple of ways to do so:

-       Install smoke detectors and change batteries regularly

-       Post emergency numbers near the telephone

-       Plan a family meeting spot in case of a fire

-       Make sure you have a safe fire escape method for all situations

-       Space heaters need at least 3 feet from anything that can burn

-       Store matches and lighters away from the reach of children

-       Replace frayed or cracked electrical cords and don't overload extension cords. They should not be run under rugs. 

-       Keep cooking areas clear of combustibles and wear short or tight-fitting sleeves when you cook. Keep the handles of your pots turned inward so they do not over-hang the stove. 

-       Have a fire extinguisher and make sure every family member knows where it is and how to use it.

-       Set up a designated smoking area outside with large, deep ashtrays, and soak the butts with water before dumping them in the trash.

-       Crawl low under smoke

-       Stop, Drop, and Roll, if your clothes catch fire don’t run.

 

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