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    Leasing real estate: Are you ready to be a landlord?

    Owning a rental property in Ottawa can be a lucrative investment. However, becoming the owner of a rental property also involves a broad range of responsibilities. Those considering becoming a landlord should have a few resources in place before beginning this business venture.

    It is a good idea to have experience with home ownership before purchasing real estate for investment purposes. The experience of buying and owning a home will prepare you for the larger undertaking of investing in and renting out real estate. If you do not own a home, at a minimum you should have the finances in place to become a landlord. Unexpected and costly repair expenses can arise, and the landlord is financially responsible for repair work.

    Prospective landlords should try to understand what becoming a landlord means and then decide if they can comply with all the inherent responsibilities toward the property and their tenants. The responsibilities of a landlord also require some personal dedication. Hiring a building manager may help alleviate some of the maintenance tasks for a landlord, but it is not enough to support this full-time responsibility. Landlords should also have an understanding of permitted uses of the property.

    Finding a property that meets your budget and other expectations is one of the most important steps for renting out real estate. Prospective landlords should carefully consider the real estate market in which they are investing. It often helps to engage the services of a real estate lawyer with experience in the Ottawa rental market. A lawyer will also be able to assist prospective landlords with rental contracts as well as other legal considerations.

    Source: hibusiness.ca, “Signs That You Can Handle Being Landlord“, John Colley Loum, July 20, 2017

    The content on this website is for information purposes only and is not legal advice, which cannot be given without knowing the facts of a specific situation. You should never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. The use of the website does not establish a solicitor and client relationship. If you would like to discuss your specific legal needs with us, please contact our office at 613-563-7544 and one of our lawyers will be happy to assist you.

    Posted By: Noah Potechin of Merovitz Potechin LLP

    Associate

    Noah Potechin joined Merovitz Potechin LLP in 2013 as an articling student and was called to the Ontario Bar in June 2014. As an articling student, Noah was exposed to a wide range of legal issues, such as residential and commercial real estate, leasing, business law, estate litigation and construction lien work. He has now begun practicing law full time at Merovitz Potechin LLP, focusing primarily on residential real estate and mortgage enforcement.  Noah also practices in the area of private mortgage financing, title corrections, commercial real estate transactions, residential leasing, development law and the preparation and registration of Notices of Lease.

    When not spending time with his young family or exploring world cuisine with his wife, Noah can be found at the top of mountains eager to snowboard or in his dojo, teaching the martial art Aikido.

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