Renting in Mississauga
MISSISSAUGA RENTAL SERVICES
Landlord services when Renting in Mississauga
Finding good tenants is a task as challenging as finding the proverbial needle in the haystack. There is no dearth of people looking to rent. Yet, not everyone can qualify as an ideal tenant. So what do you do, short of throwing up your hands?
Team Kalia specializes in helping landlords find sound investment condos followed with qualified tenants in Mississauga and area. While landlords are aware of the many ways to find tenants for their condos on rent in Mississauga such as through local newspaper ads, websites like Gottarent & Kijiji, or hiring services of a professional real estate brokerage etc, we take things one step further by making you aware of several issues.
Landlords seeking tenants themselves need to note that Ontario Human Rights Commission does not allow discrimination against tenants. Landlords should be aware of what not to say in their ads on condos for rent in Mississauga. One wrong step can end in a host of legal hassles for landlords. If you don’t wish to risk it, remember it pays to go with the guidance of an experienced local Mississauga realtor team.
Renting in Mississauga is easier said than done
Finding good tenants requires a lot of time, effort, knowledge and experience. We can help reduce your dilemma and weed out bad lemons. With an ever growing list of new and existing clientele, we frequently answers some common questions raised everyday by landlord investors and tenants on renting in Mississauga.
Here are some basic Q&A about renting in Mississauga
What are the fees for renting?
Tenants do not pay any fees to our brokerage. Landlords are charged a renting fee instead. On a one year lease, a standard commission of one month rent plus HST applies. The tenant pays to the listing brokerage first and last month's rent in advance. After deducting the one month rent and taxes, the balance is paid to the landlord. We will also request tenants, on behalf of landlords, to provide post dated cheques for the balance term of lease.
How do you find tenants for homes or condos for rent in Mississauga?
We maintain an active database of prospective tenants. These tenants are pre-screened and get the first hand opportunity to lease his landlord clients' properties. Team Kalia will also list the property on MLS Listing Service and other websites. The above mentioned fee is an all inclusive; no frills fee, that includes marketing the property, arranging showings, pre-qualifying tenants, making an offer to lease, paying tenant brokerage's commission and arranging landlord/ tenant interview, if need be.
How do you pre-qualify tenants for homes or condos for rent in Mississauga?
There are a lot of due diligence steps undertaken to shortlist tenants. These steps include: reviewing tenants' rental application form, their credit scores and credit history as reported by Equifax or TransUnion or Credit Karma etc., verifying their jobs/income, referrals etc. For newcomers or new immigrants, with no job or credit history, tenants are requested to provide proof of funds available that can convince landlords of regular rental payments. Many landlords accept international credit bureau reports (e.g. CIBIL or Experian). Newcomers are also requested to bring along a good reference letter from their previous bank from the last country of residence. Further, tenants may be asked to provide a guarantor in Canada who has a good credit and job.
What is your role once the lease is signed and do you help with landlord/ tenant issues during the term of the lease?
Once the lease has been signed and the landlord and tenant have met each other, brokerage's job ends. Should you choose to enjoy the fruits of your investment property and decide not deal with landlord/ tenant issues, we can offer you his property management services in Mississauga and area (conditions apply).
What are the contract terms for homes or condos on rent in Mississauga?
A lease agreement (review Ontario's Residential Tenancy Agreement) is signed to help protect both; landlords and tenants, in accordance with the Residential Tenancies Act of Ontario. The Lease Agreement includes rent amount, lease term, deposit and other rental conditions such as: who pays for utilities, who takes care of repairs and maintenance, tenants' compliance with by-laws of condominium buildings, insurance of unit and tenants' contents, smoking and pet policy, showing of property to prospective tenants/ buyers nearing end of lease term, rent increase as per rent increase guidelines of Ontario Province etc.
How can landlords evict a tenant?
Landlords can evict a tenant for non payment of rent at any time. Landlords can also evict tenants at the end of their lease term if the landlord wants sell the place, or want the place for their own or his/her immediate family or someone who will provide care services to the landlord or a member of the landlord's immediate family, if the person who will be receiving the care services lives in the same building or complex.
Can a tenant buy the landlord's property at the end of lease term?
Yes, this is possible, as long as both the parties agree. There can be brokerage fees involved for tenants in homes or condos for rent in Mississauga if the same was mentioned in the listing agreement for lease. A lease to buy option can also help a tenant purchase landlord's property.
If tenant has 5% down payment, good credit and a job, isn't buying a property better?
If one meets all the above criteria, buying a property might make more sense than to rent a home or condo. Learn about renting vs. buying and consult with Team Kalia to make the process easier for you.
Can People on Work Permit Buy Property in Mississauga (Canada)?
If you buy immediately upon arriving in Canada, you will be hit by 15% Foreign Buyer Tax. However, this amount is reimbursed to you when you get your Permanent Residence (PR).
What is Better - to Rent or Buy a Property after becoming a Permanent Resident?
We highly recommend buying vs. renting, as renting is simply throwing away money (or paying off someone else's mortgage), which you will agree, mostly does not make prudent sense. We conduct First Time Buyer sessions for Permanent Residents of Canada looking to buy in 1-2 years of landing. This informative session will clear any questions or concerns that you may have about buying a home or a condo in Mississauga & area as a First Time Buyer. By far the most important factor is building your own real estate wealth as soon as possible.
Remember - the amount that you pay as rent on a monthly basis can cover the cost of your own mortgage on your own home or condo, depending on the down payment that you are able to put in at the time of buying.
Second important consideration is that Real estate market is doing very well in Canada & some property types are still affordable.
However, we do understand that circumstances might compel you to rent initially, before you can buy. This is fine and we can help even in this scenario.
Mississauga Tenant Services
What is the Rent Now - Buy Later Program
As part of this program we can assist you with finding a suitable property to rent for 1-2 years (max). Closer to the end of your lease term (or earlier depending on your readiness to purchase), we will start sending you for sale listings that closely match your needs. We will arrange for showings so that you can cherry pick the home or condo you would like to buy.
As a Buyer, when you Buy your home or condo with Team Kalia, you DO NOT pay us any fee or commission, as the Buyer Broker fee or commission is typically covered by the Seller in Canada.
What are the Rent Now-Buy Later Program Benefits
- Ideal for Newcomers, People on Work Permit, Millennial Home Buyers, First Time Home Buyers in Mississauga
- Gives you peace of mind - helps you secure a unit for rent in a typically tight rental market
- Gives you confidence - knowing that you will soon become a homeowner & contribute towards your own mortgage payment
- Allows you time to save for a down payment towards your home purchase
- Gives you time to figure out the best neighbourhood to buy in, based on your work, school & other criteria
- Makes you an informed buyer as we will educate you about mortgage, resale vs. builder new options, first time buyer incentives & much more.