It almost goes without saying that landlords want trustworthy tenants, who will be quiet, pay their rent on time and be respectful of their space.

But having that perfect tenant can be an awfully tall order.

Now is probably one of the better times to be a landlord in Toronto because vacancy rates are super low, rents have increased significantly and you have a larger pool of potential tenants from which to choose.

To find that ideal renter, you need to market your room or apartment effectively. According to the Canada Mortgage and Housing Corporation, you should differentiate your property from all others in some way. When compared to other rentals in your area, is yours newer, bigger, more stylish, cheaper, cleaner and safer? Does it have better appliances, amenities and scenery? What is the neighbourhood like? Is it a quiet, family-geared area or a bustling neighbourhood filled with restaurants and galleries?

There’s nothing wrong with advertising your property on Kijiji or Craigslist but be cautious of scammers.  There is a good variety of rental sites, some of which require payment in order to advertise. Viewit.ca is a great website with plenty of photos.

To find the perfect tenant, consider placing a ‘for rent’ sign on your property or try newspapers. You can also post flyers at the local library or grocery store. If you’re interested in renting to students, visit the campus housing office of your local college or university.

You can always hire a realtor to help you. At Freeman Real Estate, we offer a range of leasing services such as pricing, advertising and negotiating. If finding an awesome tenant is too time consuming or bothersome, this is a great way to go.

Be sure to screen your potential tenants. Doing this properly in the beginning can save you the risk of loss in future. You will need to do a credit check. Be sure to ask for a confirmation-of-employment letter in addition to references and first and last months’ rent. Ask your potential renter to fill out a rental application form, which requires information about the applicant’s job, supervisor, income, government identification and next of kin.

While the process of finding your ideal tenant may seem too finicky and tedious, remember that being scrupulous early on may save you headaches down the road.

A private school may be too costly, a public school too basic and a catholic school, too religious. There are clearly a number of options parents have today when choosing a school for their little ones. But the question we want to address is whether or not the quality of a school should affect your decision to purchase a home.

Believe it or not, this is a growing trend among home buyers. According to the National Association of Realtors in the U.S., proximity to top schools is one of the most influential factors in making a decision to purchase a house. The association found that 29 per cent of buyers listed school quality and 22 per cent cited closeness to schools as deciding factors in purchasing a home.

Often a good school means the neighbourhood in which it resides is also a good one. Look for safety stats and services such as Neighbourhood Watch programs, access to public transportation, and amenities such as parks, restaurants and places of worship.

It’s said a great school district can buoy a neighbourhood’s prices even when the market turns down so there is good reason to choose an area based on its schools.

A good school often means you can ask a higher selling price.  Though resale values and home equity may seem like far-off notions to you now, they are something you should always be thinking about when buying a home. Homes situated in good school districts are not only valued higher, they also take less time to sell.

But perhaps the best reason that should influence you buying in an area known for its schools is your children. It’s natural to want a better life for your kids and school is a defining part of their formative years so choose wisely.

Thanks to the introduction of standardized testing in Ontario schools in 1995 parents have an easy way to evaluate schools, though educators and non-educators alike will tell you that EQAO results shouldn’t be the only determining factor of a school’s quality.

Still, the scores are worth noting when schools are a top consideration for which neighbourhood you will choose to live in. Once a year, the Fraser Institute publishes a national report card on elementary and secondary schools across the country. Thanks to data gleaned from mandatory province-wide literacy and math tests the FI awards public schools a ranking out of 10 with 1 being the lowest.

For the full FI report visit https://www.fraserinstitute.org/sites/default/files/ontario-secondary-school-rankings-2016.pdf

For info about its interactive school website rankings visit  http://ontario.compareschoolrankings.org/secondary/SchoolsByRankLocationName.aspx

Isn’t it funny how that space you so wanted 30 years ago seems all a bit much today?

Welcome to the empty nest, that stage in life where your kids have flown the coop and where you and your partner are examining your next phase in life. You may be looking at retirement or far from it. One thing’s for sure, you’re starting to wonder if the house you’re in is too big for your reduced family size.

Renting out a basement apartment or a bedroom is a great option for empty nesters. Not only does it provide added income, but it can also offer solitary empty nesters company or at the very least a psychological buffer knowing that they’re not home alone.

Here, according to real estate investor Don Campbell, are some aspects you need to consider before hanging up the ‘For Rent’ sign.

Privacy

You will likely have to forgo some of it. Is that something you can live with? Will the extra income be worth your diminished privacy? You need to decide if you can handle having a renter in your residence especially if your rental space doesn’t come with its own separate entrance.

Family not so much

It’s difficult to enforce eviction or collection rules with a family member without it ruffling feathers throughout the family. Avoid if at all possible.

Sign a lease

A properly written lease signed by you and the tenant or tenants is a must. Make sure it outlines the rules, late rent penalties, expectations, and length of term.

Don’t lowball

If you offer the lowest rent you attract tenants whose only focus is on dollars. This will likely lead to quick turnovers as your renter leaves for the next lowest rental. Look online at other similar rentals in your area and set your price in the middle or higher end.

Do your research

Read up on landlord-tenant legislation so you know the rules. You should also bone up on local municipal bylaws and learn about guidelines and standards for fire and building safety, zoning and permits. Call your municipal office or go online to find out more.

Inform insurance

Be sure to let your home insurer know that you are renting out a portion of your home.

Research the tax repercussions

Once you become a landlord you have to claim your rental income on your taxes.  Also know that a portion of the capital gain when selling the property could be deemed taxable.

Being a landlord isn’t for the faint of heart. You will want someone who pays their rent on time, leads a reasonably quiet life and respects your property as if it was their own. While that may sound like a tall order, how you seek out a tenant can make a difference.

Advertise your rental with a sign on your property or house. Consider placing a classified ad in newspapers or post a flyer in grocery stores, libraries and places of worship. Be sure to let your friends, family and neighbours know that you’re on the hunt for an ideal tenant because sometimes word of mouth is the best advertising.

If you are looking for a student, contact campus housing offices at colleges and universities near your home. And don’t forget online platforms.