(Photo credit: rioncm/Flickr)
Many people see owning another property as a way to earn extra income, which they can put towards the property’s mortgage or their plans for retirement.
But there are many aspects of being a landlord they may not be aware of. Landlords cover any expenses related to ensuring the home complies with health, safety, housing and maintenance standards. They must also ensure the rental property meets standards set by the city, including property standards, zoning bylaws, fire safety regulations and local building codes.
Recently, an Ontario landlord was convicted of criminal negligence causing death after a fatal fire took the life of a tenant, injured another occupant and endangered two other tenants. The landlord was renting a two-storey detached home with a separate basement area to three different individuals, instead of his claim that the space was being rented by one family, according to the Toronto Star. The court heard that a fire inspection is less stringent for one family rather than separate tenants since in the event of a disaster, families would be more concerned about everyone escaping, says the Star.
One of the tenants was cooking on a hot plate in his room, which caught on fire after he was intoxicated. The tenant died of smoke inhalation and his friend had severe burns. There was no smoke alarm to warn the other two other tenants and the blaze was only discovered after one of them left her room to do laundry.
According to the Star, the court ruled the landlord was guilty of criminal negligence causing death, criminal negligence causing bodily harm and four counts of endangering the safety of four other persons in the house.
Making sure the home has working smoke alarms is one of the duties a landlord is responsible for. This includes conducting regular maintenance such as an annual inspection to clean, test and replace the alarm’s batteries.
Landlords must handle emergency repairs, repairs that affect a tenant’s health and safety or if it can cause danger to the building, right away. This includes situations such as major water leaks, issues with the property’s electrical, problems with heating or issues with locks. In the event that they can’t, tenants can get repair work done and bill it to the landlord. The work needs to be considered an emergency repair or the landlord can refuse to accept the expense, according to the CMHC.
Landlords must also conduct general maintenance on the space, but tenants may be responsible if they caused damage.
Investment properties are eligible for an HST housing rebate, but keep in mind that being a landlord is more than investing money into a property.
Rebate4U can help property investors receive the maximum HST rebate amount you are eligible for. Our priority is to provide our clients with the most professional and quality service in obtaining rebates for their new and renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.