Hunting for your next rental property? This can be a tricky task online. Listings on Realtor.ca can be very detailed or have virtually no detail. Some tenants allow you to take pictures most do not. you have to take a leap of faith to believe the disclosed expenses and income.
The best advice I can give is to look at the potential properties in person. However, when you start your search online here are some key things to consider.
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Details, Details, Details…..
- How many bedrooms?
- How many bathrooms?
- Seperate Entrance?
- In unit Laundry?
- How close to a bus stop?
- Any restrictions ?
- On, and on, and on
You can never have too much information. If you have unanswered questions from the listing ask your Realtor to answer them before you visit. It will save everyones time and effort.
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Amenities — What does it have and not have?
This isn’t just what is in the unit or complex but what is in the surrounding area. Are the schools good? Groceries nearby? Hockey rink?
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Rules?
Are you buying in a gated community or a condo? Make sure you are aware of any rules that may impact potential tenants.
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What’s It Worth?
What are other units in the area renting for? Check Kijiji or other online rental sites to get an idea of prices you can charge.
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Current Tenant Situation
When is the current lease done? Are they month to month? Do They intend to leave?
If possible get copies of current leases to review and meet the tenants to get a feeling of what your relationship would be like!