June 6th, 2012
A Recent Report States Nearly 25% of British Columbia House Owners Rent Out a Part of their Home
Wow, that’s a very large percentage!
So What Does a Part or Portion Mean?
The report states it could include a basement unit, or even the house owner turning their garage into a coach house that can house tenants.
Why is This Happening?
According to the report this remarkably high percentage is due to the current economy and the high price of real estate in British Columbia.
In fact, the number could be considerably higher due to economic conditions and the fact that many home owners are note inclined to reveal they are, in fact, landlords.
Why Is That?
Home owners who are also landlords may not want to reveal their business dealings if they don’t have the proper permissions from their insurance providers and/or they don’t have proper government registration.
So Why Are So Many Home Owners Becoming Landlords? I mean, being a landlord can have lots of risks like the Ontario Landlords Association (www.ontariolandlords.ca) make clear with “Tenant from Hell” Nina Willis!
Well, the rent income landlords get from tenants can be a terrific help in paying off the mortgage. And that money is, for some landlords, worth all the risk.
What are the Risks?
They are serious. And they will be written about here soon.