Rent By Owner

Online real estate website

Many Canadians own houses purely for the purpose of investment and renting them out. In this guide we shall look at the advantages and disadvantages to renting your home out yourself and hiring a property management company to be in charge. 
 

Advantages to Renting by Owner

The main advantage why many people choose to rent by owner is for financial reasons. When you hire a property management company you have to pay them a commission for their work meaning your return won’t be as high. However, many people may put the rent price of their home lower than it’s worth when renting by owner because they do not fully realize its value. It is important you get a valuation done by a professional to ensure you are getting the most out of your rental home.  


 

The other main reason why people choose to rent by owner is because they want full control over who will be staying in their home and other factors. Many property management companies require you to sign contracts that restrict what rights you have over your property. Renting by owner allows you to choose what dates your home is rented out and have more control over when you can use it for personal use. It is particularly good if you only want to rent your home out for a few weeks of the year when you are on vacation. 
 

The final advantage to renting by owner is that you will generally get the rental money up front. When dealing with a property management company you will usually not receive rental payments up to 60 days after the guests have left the home (when it is a vacation property).