Being a landlord in Canada comes with a lot of responsibilities. From bad tenants to the expense of repairs, it’s no wonder some choose to sell their rental properties after a while. Let’s face it! After having a hard time of being a landlord, you want to sell your home quickly. But going the traditional route can take ages and cost more money on top of what you have already spent. This is where using a cash house buyer can really benefit you. We can not only sell your home fast, but also cut out the red tape, commission fees, and the headache of making repairs. There are many reasons for wanting to sell your home quickly and choosing to go with a cash house buyer. Here are some of the things that tired landlords have to deal with.
Not As Easy As It Seems
It may seem like an easy thing to do, renting a property out to make some passive income while adding equity to that property. As many landlords can tell you, sometimes it’s more work than its worth. You have to deal with tenants who cause damage to the property that can be expensive to fix. Some may not pay their rent and then you have the added expense of evicting them. This impacts your own income and makes it hard to pay your own bills. It’s a top reason why landlords need to sell a property quickly to try and recoup the losses.
A Lot of Work is Required
One of the responsibilities of a landlord is to maintain the property you are renting, which means complying with health and safety. This can lead to repairs you had not planned for and added expense. Then there are the common areas of the home that need to be regularly maintained, such as the yard and clearing gutters. It’s not a case of renting it out and just sitting back. If you already have your own home to maintain, you are basically doubling that work.
It Becomes a Business
When you choose to rent out a property you are basically having to run a business. This means having to keep track of any paperwork, legal fees, taxes, rent receipts, and accounting. Then there is the cost of advertising to find a tenant, as well as doing a background check to make sure they are good tenants. While you can hire the services of a property manager and maintenance, this is also an added expense. When it comes down to how much profit you will make in the end, the figures don’t always look that great.
I briefly mentioned tenants before and this can be the hardest part of being a landlord. It can be hard to find good responsible tenants to rent to. More often than not, you get stuck with those who don’t look after the property, don’t report needed repairs, cause damage to the home, or who flat out don’t pay the rent on time, or at all! Something new landlords don’t take into account is that the wear and tear of a rental property are much higher than it is on their own home.
In Canada, the rights of a tenant are heavily protected, making removing them from the property costly and time-consuming. You then have the headache of having to deal with any damage they have done once they are out. Some bad tenants will leave a home in such a state of disrepair that the cost of fixing all the damage is just too much.
We have had many landlords come to us at this point. They have shelled out a few thousand to get the tenants out and are now faced with home repairs that will cost more. Finding a buyer the traditional way, who will take on a home with needed repairs, can take a long time, which further drains your resources. Using a cash home buyer, however, lets you sell the property as-is and quickly so that you can get on with your life. If you are one of the many tired landlords looking to sell your property quickly, give our team a call today!