Posted on: 20-04-13 12:50:36
Hi everyone
I am moving from Toronto to Alberta
I need some advice what to do with my house
should rent it and how can i do this?
are there any companies that manage peoples homw when they cannot?
who can look after my house while I am away?
thanks for any suggestion
sell it if u r in profit . Its big headache to maintain if u r not living in same city .
What kind of house are you talking about? Condo, semi, detached etc..?
As with any investment, if you are tolerant/prepared for worst case scenarios, the rewards would come your way.
If it is a house and has finished basement, I would refrain from renting it out to two seprarate tenants, it one day will bite you. If it is condo then you would be looking to rent it out almost every year to a different tenant and may get different experience.
To start with I would go thru an agent. Although you will loose a month's worth rent, you would be saved with lot of hassles.
I would say the market for renting out is good especially if Rahul is vocal on other forums as well to promote that RE market is positioned to be doomed and renting better option.
In either case, keep posted with what you ultimately done.
Good luck!
Rahul, over to you!
It is bungalow with finished basement and separate entrance.
Quote:
Originally posted by Gappi
Hi everyone
I am moving from Toronto to Alberta
I need some advice what to do with my house
should rent it and how can i do this?
are there any companies that manage peoples homw when they cannot?
who can look after my house while I am away?
thanks for any suggestion
you need to consider a few more things other than what is already said.
Is your move to Alberta a permanent one or a temporary? If permanent, are you planning to buy a house in Alberta as well in the near future? Can you afford/ qualify for 2 mortgages etc.
If your move is permanent and you are making some money out of your Toronto house, it may not be a ad idea to sell and concentrate on Alberta instead of having the hastle of renting out and renting in.
Hi
Based on my Real Estate knowledge of Toronto and invester my self in property i wwould ask you couple of things.
1) Is this your permenant move? Or not sure?
2) How is the condition of your current home? Like all big ticket items like Roof, windows, Furnace , Air conditioner, foundation etc?
3) What is the location of the property? Can it be easily rented? Main floor and basement?
4) What is the current mortgage? Taxes? heat and hydro? Insurance, management fees, Lawn and snow removal etc.( can be done by renter) Once you have these numbers and then how much you can get rent on main floor? How much for basement? If you have a cash flow then its worth to keep the property and pay off mortgage and still have property for your retirement.
I know a company that is managing property with 10 to 15% of the income of tha property if its commercial its less depending on the location. They would advertise your place for rent, get renters, qualify them, deposit rent in your account, pay off bills etc. His number is 647-866-7869 call him directly and discuss your needs he will give you right advice.
Hope this helps. Good luck in your move let us know how is Alberta?
Home Inspector
thanks for your information it helps me a lot
answers to the questions you pose:
1) permanent move to Alberta,
2) condition of house is some good, some ok - needs one new window, but other things are good, roof good, evetroughs good, foundation never leaked (50 year old house) no water damage and no humidity in basement, basement is rented at the present time.
3) House is located at DVP and 401, we have transit on our street, bus stop 100m from front door.
4) Mortgage - 20% of house is paid down, taxes about 200 per month, Insurance is not too bad, I am willing to work that into the rent, snow and grass would the responsibility of the tenant.
Basement has a seperate entrance and can be accessed, only have to share laundry facilities with main floor people, Driveway big enough to accomodate 6 car easily and more parking on the street.
thanks for all the responses
Gappi
