Are you someone who’s on the fence about being a landlord in Ontario? Let us help you in your decision process by listing a few advantages, such as earning a passive income, tax deductions, equity and appreciation of the property. There are indeed plenty of benefits to being a landlord in Ontario. However, there are a few disadvantages to be mindful of. But that’s where we step in! At Birks Asset Management, we come with the experience and transparency to tackle any hurdles for you, so you don’t have to, bringing you peace of mind.
Below are some advantages to becoming a landlord, including a few disadvantages and how we can help you overcome them.
Table of Contents
Advantages of Being a Landlord in Ontario
Passive Income
The main reason for becoming a landlord is the passive income you’ll receive every month. The rental payments you receive each month can help repay the property’s mortgage. If you own the property outright, then the returns on your property investment go straight into your pocket! Ramsey Solutions says, “rental properties can be a great source of passive income once you get a rental up and running.”
Tax Deductions
Another advantage to owning a rental property is the tax deductions. There are numerous tax-deductible expenses, such as repairs, upgrades, and installations, that can get subtracted from your taxes. Hence, making it a great incentive to upgrade your property.
Equity and Appreciation of the Property
In most cases, real estate appreciates in value over time. Depending on numerous factors, like where the property is located, the state of the property, and how the property market is. Depending on these factors, there’s a great chance that the property will increase in value, making it more profitable for you.
If you own the property entirely, then it’s your asset!
Now that we have gone through the advantages of being a landlord in Ontario, we want to be transparent about the disadvantages of being one too. The reason is that there are always going to be some challenges to any advantage, that’s why we want to be fully honest, to help you in your decision process. From our years of knowledge navigating the Ontario real estate market, we at Birks AM are experienced in tackling the challenges of being a landlord. That’s why the listed disadvantages below can be easily solved with our help.
Disadvantages of Being a Landlord in Ontario and How Birks can Help
Money Locked in But Birks Can Help Unlock it
When you become a landlord, you lock your money into a property. So in the case, you decide to sell the property or no longer want to be a landlord, then it may be time-consuming to sell the property.
Luckily we can connect you to our team of professional real estate agents who can sell the property on your behalf within a reasonable turnover time.
Maintenance and Repair and How Birks Can Address Them
Attending to every one of your tenant’s maintenance needs can be time-consuming, especially if you have to hire a third-party contractor to fix any issues.
That’s why at Birks, we’re prepared to fix any maintenance issues with our team of contractors on stand-by!
Legal Issues and Birks’ Expertise in Landlord-Tenant Laws
You need to be well aware of Ontario property laws and legislations to be prepared to address any legal issues with tenants, which can be tedious and overwhelming.
However, at Birks, we already know Ontario’s Landlord-Tenant Laws, making us well prepared to counteract or address any legal issues that may arise.To learn more or inquire about our services, please feel free to contact us.
Promising Pros of Being a Landlord in Ontario
Are you someone who’s on the fence about being a landlord in Ontario? Let us help you in your decision process by listing a few advantages, such as earning a passive income, tax deductions, equity and appreciation of the property. There are indeed plenty of benefits to being a landlord in Ontario. However, there are a few disadvantages to be mindful of. But that’s where we step in! At Birks Asset Management, we come with the experience and transparency to tackle any hurdles for you, so you don’t have to, bringing you peace of mind.
Below are some advantages to becoming a landlord, including a few disadvantages and how we can help you overcome them.
Table of Contents
Advantages of Being a Landlord in Ontario
Passive Income
The main reason for becoming a landlord is the passive income you’ll receive every month. The rental payments you receive each month can help repay the property’s mortgage. If you own the property outright, then the returns on your property investment go straight into your pocket! Ramsey Solutions says, “rental properties can be a great source of passive income once you get a rental up and running.”
Tax Deductions
Another advantage to owning a rental property is the tax deductions. There are numerous tax-deductible expenses, such as repairs, upgrades, and installations, that can get subtracted from your taxes. Hence, making it a great incentive to upgrade your property.
Equity and Appreciation of the Property
In most cases, real estate appreciates in value over time. Depending on numerous factors, like where the property is located, the state of the property, and how the property market is. Depending on these factors, there’s a great chance that the property will increase in value, making it more profitable for you.
If you own the property entirely, then it’s your asset!
Now that we have gone through the advantages of being a landlord in Ontario, we want to be transparent about the disadvantages of being one too. The reason is that there are always going to be some challenges to any advantage, that’s why we want to be fully honest, to help you in your decision process. From our years of knowledge navigating the Ontario real estate market, we at Birks AM are experienced in tackling the challenges of being a landlord. That’s why the listed disadvantages below can be easily solved with our help.
Disadvantages of Being a Landlord in Ontario and How Birks can Help
Money Locked in But Birks Can Help Unlock it
When you become a landlord, you lock your money into a property. So in the case, you decide to sell the property or no longer want to be a landlord, then it may be time-consuming to sell the property.
Luckily we can connect you to our team of professional real estate agents who can sell the property on your behalf within a reasonable turnover time.
Maintenance and Repair and How Birks Can Address Them
Attending to every one of your tenant’s maintenance needs can be time-consuming, especially if you have to hire a third-party contractor to fix any issues.
That’s why at Birks, we’re prepared to fix any maintenance issues with our team of contractors on stand-by!
Legal Issues and Birks’ Expertise in Landlord-Tenant Laws
You need to be well aware of Ontario property laws and legislations to be prepared to address any legal issues with tenants, which can be tedious and overwhelming.
However, at Birks, we already know Ontario’s Landlord-Tenant Laws, making us well prepared to counteract or address any legal issues that may arise.To learn more or inquire about our services, please feel free to contact us.