Need to Break Your Lease? Here’s how

When you lease an apartment, most companies and landlords require at least a one year lease.  You can see this from both sides.   They don’t want to have to find new tenants every other month and you probably don’t want to be stuck in a lease.  A year is a long time and a lot can happen in that time, plans and lives change.  If you need to get out of a lease before it expires, try the following tips…you never know they may get you out!

1.       Read the contract again, very closely.  Most likely it will outline what would happen should you break the lease; this will be your starting point.

2.       Talk to your landlord.  You never know what they will say, maybe the rents have risen and they will be able to get more money from a new tenant.

3.       Check with your province’s laws regarding this.  Usually, there are certain situations that are acceptable and legal reasons to end the lease.  However, if you do fit into one of these categories, make sure you can prove it – because you can be certain they will ask you for it.

4.       Many landlords or apartment buildings are okay with you ending the lease if there is no delay with them renting it right back out.  This means if they can find a tenant for the place, you could be off the hook.  Ask them if you can be looking for new tenants too.  Also, ask them about subletting procedures.

5.       No matter what happens, don’t be surprised if you have to pay a penalty for breaking the lease.  You may not get one, if you have any luck with the tips above, but don’t be surprised.

6.       If you find something questionable in the lease, look it up.  Leases do not trump law, and if there is something against the law in a clause in your lease, you may just find your way out.  Most places have tenant’s boards where you can ask any questions you may have.

7.       It is very important that through all of this, you keep very good recorded track of everything you have done and any interaction between you and your landlord as well as other people you have contacted.  Keep all your documents!

Getting out of a lease can be very trying, and if you are in this situation, I wish you the best of luck.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Signature Service

Resolutions for First Time Home Buyers

Have you made it your new year’s resolution to buy your first home in 2014?!  Here are some great tips to get you on your way to accomplish buying your first home.

Firstly, don’t wait around.  There are many things that you should be doing before you actually purchase a home.  First, check your credit score.  It will be a major factor in your mortgage approval and rates.  You can order this on Equifax.ca for around $20 and it is worth it 100%.  Once you have it, don’t just look at the summary. Go through it bit by bit and make sure there aren’t any mistakes or incorrect information – yes this happens.  Also, try to pay off any old debts before you go to the bank.

Secondly, the bigger the down payment the better.  Not only will it help you qualify for a mortgage but it will give you better rates!  This will save you tons of money in the long run.  So, save whatever you can.  Minimize any unneeded expenses. Things like minimizing the cable plan or not getting your nails done will save you more than you think!

Thirdly, find a real estate agent…and a good one.  Remember, BUYERS DON’T PAY THE REALTOR®, sellers do.  Make sure the real estate agent you pick is top notch.  Ask your friends and family members if they have worked with anyone they really liked and ask for testimonials.  They will be your negotiator, and will do their best to negotiate the lowest purchase price on the home you choose.

Next, get pre-approved!  Although not everyone does this, it is always some I recommend before we even start looking on what’s on the market.  Make sure you can spend what you think you can.  There is nothing worse than finding your dream home and then finding out you can’t afford it.

Lastly, do your research!  There is no harm in researching and reading as much as you can on homes, the buying process, and mortgages.  Start researching neighbourhoods and get ideas on what you can get in your price range.  This helps, so when you are ready to purchase something, you will be well informed and can go right ahead.  You will find yourself having a much smoother and much less stressful transaction.

Thinking about buying?  Let me assist you in finding your dream home.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Signature Service

This article was inspired by http://www.realtor.com/advice/5-resolutions-for-first-time-home-buyers/

5 Tips for First Time Landlords

Read the following Article: http://www.realtor.com/advice/tips-for-first-time-landlords/#.UtRirbCx6Uk

Anyone who has been a landlord before will probably tell you that it’s not a walk in the park.  It is more complicated than just receiving a cheque every month.  Here are a few things I recommend you consider before renting a property.

Rental properties are a great source of additional income.   Many times, they can cover their own costs, pay your mortgage, and even give you some extra spending money on the side.  However, don’t always expect a fast and easy money source.  Renting your property can also require funds and can cause you quite the headache.  You will need extra insurance for the rental property, will be responsible for fixing anything that breaks in the apartment, and don’t forget that you will also have to pay tax as the money you receive from the tenant is considered income.  It is very important that you research the tenant and landlord laws before doing anything.  It is also a good idea to have a lawyer handy just in case an issue arises with the property or your tenant and you need advice.

Before renting to anyone, consider creating a checklist of everything you need to do before a tenant moves in.  Does it require any maintenance?  Do the walls need painting etc.?  Do this once, and you won’t have to do it again.

It is really important to have a properly written contract.  If you are not using a realtor, you will need to find one on your own.  There are samples on the internet, make sure you read through any very well before utilizing them.  The more details and clauses you put in the contract, the better.  Although this can be tedious, in the long run it will protect you and make your rentals run smoother.  In addition, if you and your tenant ever have a disagreement about the lease, you can always go back to the contract.

Also, I can not emphasize this more.  BE PICKY.  One way to lessen the troubles of being a landlord is to make sure you have quality tenants.  When someone applies for the house or apartment – check them out.   You can request rental history, why they are moving, where they work, how much they make, how good their credit is, and even a criminal record check.  Do you due diligence and check them all out. Verify as much as possible from the information they provided.  It is so important to have someone you know will treat the place well and are trustworthy and know that they will always be able to pay the rent.   If you can’t find a tenant like this right away, I recommend waiting till you find the right one.  Trust me; it will save you time, money, and effort in the long run.

If you would like to list your rental property through a realtor (which I highly recommend) they will be able to provide a contract and will check out any potential tenants for you.  Please let me know if I can assist you in renting your property.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Real Estate Signature Service