Posts Tagged ‘landlords’

OLA Members in the Globe and Mail: DIY Property Improvements

Thursday, May 10th, 2012

May 11th, 2012


Do It Yourself Property Improvements

A Globe and Mail story this week illustrated how instead of hiring expensive contractors, more and more landlords are doing repairs on their own.

Doing your own repairs, or “DIYing” is more popular than ever.

Why are People DIYing?

Cost is always the number one factor.  Good contractors are expensive.

We are also living in very volatile economic times.  Many economics are predicting a recession that is a “double-dip”.  These means cutting costs is important.

Competition for finding great tenants or buyers for your properties is as heated as ever before.  Lost rent or damages can eat up your annual cash-flow fast!

No one wants to put up with unreasonable tenants or being taken to the Landlord and Tenant Board and face a “trial by ambush”

Even worse, Bad tenants aka “tenants from Hell” can destroy your rental business fast.

In 2013, Ontario landlords will only be allowed to raise rents by a maximum of 2.5% (no matter what inflation is) if a new law gets enacted. 

This is a far cry from Landlords in B.C. who can raise their rents by 4.3% in 2012 or landlords in Alberta, who have a lot of freedom in how they raise their rents.

OLA Members Explain Their Strategies

Several OLA members were invited to give their comments on how to do successful DIY projects.

OLA members gave people important tips, such as ” “Doing your own repairs and renovations is really a key point of landlords these days; the days of slumlords are over if you want to get good, qualified tenants.”

Other OLA member tips included:

“When you are renovating a rental, your goal is to maximize return on investment and to attract quality tenants. Your personal tastes are not as important; the goals are different.”

Other commentators included Scott McGillivray of HGTV’s “Income Property”.

To read the original story go to Canada’s National Newspaper, the Globe and Mail

To discuss this in Ontario Landlords Advice forums click here.

What’s the Story with Landlord and Tenant Insurance?

Tuesday, May 1st, 2012

May 2nd, 2012


Why is Having Proper Insurance Important for me as a Landlord?

Having proper insurance for your rental property is an important aspect of managing your business. Many insurance companies in Ontario that provide homeowners insurance do not provide insurance for rental properties. It is the landlord’s responsibility that they have disclosed to their insurance company the nature of the property and what it is being used for.

What Happens in the Event of an Insurance Claim?

In the event of a claim, having your rental property properly insured will prove to be a faster and easier process of settlement. In the event there is a claim and you do not have insurance or the incorrect policy, this will void any coverage on your property.

What Coverages and Features Do I Need?

Insurance for your building, appliances that you own, rental income and sewer backup are among the most important coverages that you as a landlord should consider when evaluating your insurance. Important features on your policy should also include the ability to add multiple properties on one policy, higher liability limits and monthly payment options.

OLA Membership Benefit

As a member of the Ontario Landlords Association, you qualify for a group home and car insurance rate through Humberview Insurance Brokers in partnership with Unica Insurance. For your rental properties, Humberview Insurance offers multiple insurers depending on the type of rental property you own.

Protect Yourself

As a landlord you should take precautions when renting to tenants. One precaution is to make it mandatory that tenants obtain tenants insurance for the duration of their tenancy. Landlords should also insist that they appear as an additional insured on the policy. This notifies you in case the policy is cancelled.