Challenges as a Landlord in Canada | Easiest Way To Overcome While Traveling 2024

The most challenging thing as a Landlord in Canada

Choosing to become a landlord in Canada is a big decision, but it’s one you won’t regret. As a solo female traveler, you may choose to purchase and rent out your property while you are roaming around the world for extra income. Renting your property can allow you to have so much more freedom and an extended budget for all those amazing excursions you wish to take.  Additionally, Canada has a promising real estate market with high property appreciation rates, affordable entry-level homes, and great tax benefits for those who own multiple properties.

As great as being a landlord in Canada is and as beautiful as a country, it doesn’t come without its challenges. There are lots of potential issues and problems you might face regarding purchasing property, finding reliable tenants, or overcoming late rental payments and property damage.

If you would like expert help and support with your rental properties, you can benefit from working with a rental property management company. Whether you need an expert company for help with condo rental property management in Etobicoke or family-sized homes in Scarborough, working with a team of professionals streamlines problem resolution and eases your worries.

Below, we have covered some of the most common challenges Canadian landlords face and how to overcome them.

Tenant Issues

Dealing with difficult and non-compliant tenants can be challenging, stressful, and time-consuming. You might run into trouble regarding late rental payments, property damage, or violations of legal rental contracts, which is normally challenging. Now imagine being halfway around the world and attempting to solve major issues while sipping your mai-tai on the beach,

While you may be able to resolve these issues directly with your tenants, this isn’t always the case. You may need to take legal action against your tenants if they refuse to pay rent, cover the costs of damage to your property, or continue to violate their lease agreements.

One of the best things you can do to avoid tenant-related issues is to perform in-depth tenant screening. Before you lease a property to somebody, perform a credit check and criminal background check to ensure your chosen tenants are reliable, trustworthy, and financially capable of paying their rent each month. Hiring a rental property manager in Canada who can not only handle the vetting process but also the ongoing maintenance and any other issues that arise can be a lifesaver.

In addition, it is also worth familiarizing yourself with the various laws associated with being a landlord in Canada, whether you have a management company or not. There are several laws governing rules around tenant screenings, rental payments, and landlord responsibilities. Being aware of these legal regulations is critical to avoiding challenges and knowing your rights as you move forward.

Property Maintenance Challenges

Maintaining your properties can be time-consuming and costly, especially if you own several rental properties on the go at once. However, property maintenance is an essential component of being a Landlord in Canada for both legal and ethical reasons. Working with a competent property manager while you are traveling is vital to keeping your property well-maintained.

To overcome potential property maintenance challenges, it’s important to stay on top of things. If one of your tenants reports an issue or causes damage to one of your properties, resolving these problems promptly will prevent them from worsening.

Work with your property manager to develop a proactive maintenance plan and schedule regular property inspections to make sure your tenants are taking good care of your rental properties. It’s a good idea to keep an emergency fund in your business account for unexpected expenses and repair costs.  Additionally, routine inspections and maintenance by your own experts allows access to the property to be able to be able to see if there’s damage or issues before they get too far out of hand.

Market Volatility

Economic fluctuations are unpredictable but try to stay up to date with the latest property market trends so you can prepare yourself for the various rises and falls in the market. Diversify your investment portfolio by investing in a variety of different properties to increase your resilience to the volatile real estate market in Canada. Creating a diversified portfolio, with not only savings, stocks and bonds, and real estate included, will allow your travels to flow more smoothly.

Conclusion

As you find yourself wanting to travel further and for longer periods of time in your lifetime, finding other ways to fund your travels may be necessary. If you already own a home, multiple homes, or are looking to invest and rent out your property, finding a highly qualified real estate company to manage your property is but one way to ensure you can travel without worrying about what is happening back home.  Additionally, purchasing and renting a property in Canada will allow you to diversify your portfolio of investments to help you travel further and longer around the world.

Most of my fellow Solo Female Travelers love to have a home base while bouncing around the world- if we can afford it. One way to do that is to continue to find those additional sources of income and find ways to manage those sources so we can bounce and have something to come home to later.  To do that, we must continue to diversify and find managers, whether those are investment managers or property managers, to help ensure our peace of mind to live our lives to the fullest and to Travel Till You Drop!