Here is a scenario. You just bought a luxury home and you love it but shortly thereafter you are told by your boss that you are moving. Now what? You can sell that lovely home or you can rent it and hope to come back to the area that you fought so hard to get to.
Know Your Options
The Residential Tenancy Act of BC establishes a number of rights for tenants. These often result in obligations for a landlord. If you decide to rent now and sell down the road, it is important to understand what this means for a home that is for sale with a renter in it. The law does require that you provide significant notice to have the renter vacate. Month to month leases and longer term leases each have different rules and restrictions. Some buyers will not wait too long to take vacant possession of a home that they plan to buy and occupy. Having a renter in the home may make it less desirable for a prospective buyer. Start by knowing what your rights, responsibilities and options are to make an informed decision.
Renting a luxury home that is for sale in the Comox Valley can be a nightmare if the proper precautions are not made ahead of time. Getting the right renter for your prized palace is the first step. Do not jump at the first offer to rent. Place the ad and ask applicants to provide at least 3 different references. Check them out thoroughly before making any decisions. Go talk to the references face to face if possible. It is often enlightening and the other person’s body language can say a lot. As well, do a google search for the person and see what comes up. As well, check major social media sites to see if the person is on the up and up. Finally, interview the person and ask them to bring a resume with them to share with you. Time spent on this part of the process is seldom wasted.
When renting or planning to rent find out what the market rates are for your area and type of home. Check out the local vacancy rates in your city or town and talk to other people who have recently rented or are renting. Ask a fair price, get a good renter and you will be able to sleep better at night not having to worry about your decision to rent. This is your castle and you should get adequate compensation for letting someone else live in it while you are away.
Ability to Pay
Qualifying the person and their character is one important aspect. A second is ensuring that they have an ability to pay you what you are asking each and every month. Ask for proof of their ability to pay you and who they work for. Ask for their permission to talk to their boss. Even the best person can be a problem if they do not have enough money to pay your asking rent.
Check Up on the Home
Find a trustworthy and competent person or agency to check up on your home and renter from time to time to ensure that your expectations are being met. Anyone can collect the rent for you on your waterfront homes and real estate in the Comox Valley but not everyone will take the time to ensure your most valuable possession is being properly cared for. You do not want to find horses grazing on your golf course manicured front lawn when your drop by for a visit.
Protect yourself and your property with a properly crafted rental contact. Verbal agreements among friends are not worth their salt if things start to go bad. Have a lawyer review the contract before putting it to use.
Talk to your insurer and ask about the changes that will have to be made when you rent your home and what the costs will be. Each insurer may have different views and policies on this topic. Know what they are before you even place an ad.
What if You Decide to Sell
If you do later decide to sell your home turn to the Brett Cairns Comox Valley real estate team and make an appointment to have it listed.
Published by Brett Cairns