Investment properties are homes you buy to generate revenue. The important thing to keep in mind is that when you acquire and investment property, you become a landlord and that comes with responsibilities. You’ll need to familiarize yourself with the landlord-tenant act in your province, price your rent according to the market values, draft rental agreements, screen potential candidates and more. Sheila can help you find the investment property that’s right for you.

10 Tips for Renting Your Investment Property
  • Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
  • Get to know the landlord-tenant relationship regulations in your province.
  • Inform your insurance company about your plans for renting out space in your home, and ask them if you require additional coverage.
  • Get your home renter-ready. Whether it requires simple changes like a fresh coat of paint or major renovations, make your home look and feel as spacious, bright and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
  • Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are listed for. You can ask your Royal LePage real estate agent for pricing advice, and to help you find the right tenants through a listing.
  • Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
  • Draft a written tenancy agreement. It may contain information such as the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
  • Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
  • Request a minimum deposit in advance that may be used against any property damage or unpaid bills, depending on the laws in your province.
  • Have the tenant sign the agreement, and provide him or her with copies.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Homes in HRM

Sheila Banser is an award-winning REALTOR® at Royal LePage Atlantic in Halifax, Nova Scotia. Since 2003, Sheila has been helping clients buy and sell their homes in Halifax, Bedford, Dartmouth, Hammonds Plains, Sackville, Timberlea, Fall River and beyond.


Recent Listings

  • 903 60 Walter Havill Drive, Halifax, NS (MLS 202414086)

    903 60 Walter Havill Drive, Halifax, NS (MLS 202414086)

  • 1 Faraday Lane, Fergusons Cove, NS (MLS 202414180)

    1 Faraday Lane, Fergusons Cove, NS (MLS 202414180)

  • 43 Aspenhill Court, West Bedford, NS (MLS 202414118)

    43 Aspenhill Court, West Bedford, NS (MLS 202414118)

View More