Small landlords also known as DIY landlords make up about 41% of Ontario’s investment property owners. Almost all of them have invested in the property as a means of ensuring an income for their retirement. Managing a rental property is far from a passive income as many imagine it to be. It is a business that requires a lot of effort and diligence. A tenant is, for all intents and purposes, a business partner for small landlords.
Choosing the right tenant is a very important step in property management. However, even the best of partnerships come to an end eventually. For some, it is a happy change, but in some others, it is bitter experiences, and financial losses and evictions. Evicting tenants can be a long, taxing process and brings joy to no one, but in some cases, inevitable.
Here are some things to keep in mind if you are thinking about evictions.
When can tenants be evicted?
Though a landlord may own a property and may choose to do what they please with it, it is also important to remember that it is the home of your tenants and that you have to be fair and reasonable in your demands from tenants. Importantly, reasons for evictions should be well within the limits of Residential Tenancies Act of respective provinces where the property is located.. What are some common instances where a landlord can evict tenants?
In most situations where compliance to lease terms is the reason for eviction, the first step should always be to communicate with the tenant and work out a plan to resolve the problem in a way that is fair to both parties. For example, non payment of rent can be dealt with coming up with a payment plan that would let the tenant pay their dues with more time. As mentioned at the beginning, evictions are not easy for either the landlord or tenant and should be the last resort to resolving tenancy disputes.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Tenantcube Inc. or its affiliates.
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