With the growing number of condos going up in Toronto and the surrounding area, people with the money to buy one and rent it out to others need to be sure they are ready to be a landlord. A recent article for MoneySense outlined some things people need to consider before expecting to prosper as a property owner.
One of the first things landlords in Toronto should think about is forming a relationship with trusted Toronto professional movers and packers that are courteous of time and mindful of walls and door frames.
New landlords should also be prepared to deal with bounced checks, faucets that need to be replaced and all of the taxes associated with owning a property. While being a landlord can be profitable, they should be ready to do a lot of work to make sure their property is taken care of.
“When friends tell me they’ve bought themselves a rental property, I always say, ‘Congratulations, you just bought yourself a business,’ ” Deb Mattina, a former adjudicator with the Landlord and Tenant Board in Ontario, told the website. “Treat it like one.”
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