Considering Renting your home at Park Point?
We understand and appreciate that some homeowners wish to rent their homes as a source of income. While this is generally fine, and most landlords find responsible tenants, it is also quite common for tenants to cause issues within the building. As they are not “owners” themselves, and have no real vested interest in the property like you the Homeowner. Tenants often forget important maintenance and can cause damage and noise issues which can upset and cost you and your Condo Corporation. There are many instances of renters, especially Air BnB landlords and user negatively affecting, even devaluing the building.
Renting and tenants are not the responsibility of the Developer or Property Manager. As is standard, we communicate with Homeowners only. The Landlord/homeowner is fully responsible for the tenant communication and maintenance while tenanted all aspects of the rental process.
Some Helpful Landlord Tips:
Fully train the tenant(s) on the operation of the home, especially emergency shut off proceedures, how to mitigate damage and temperature and humidity control. You can even have them sign receipt of the homeowner manual for your own peace of mind.
Do not list your home for rent until after you have successfully closed. Prior to closing and possession, the unit is actually owned by Qualex-Landmark Union Inc.. Because closing dates are fluid and not guaranteed until received in writing, you will not know which day the tenant can move in.
Warranty and Service is between the Homeowner and Developer only. After possession, warranty will not cover any damage or wear and tear, so you will want to make sure you carefully review the home with your tenant prior to their move in. As mentioned above, you will want to educate them on systems operations and emergency shut offs. Further, and per Alberta New Home Warranty, Service Requests & warranty repairs can only be issued by the homeowner directly to the Developer and can not be coordinated by tenants. We will not address service requests or inquiries from tenants.
Ensure you obtain and complete all required rental documentation from your Property Manager at Park Point. At closing, you will receive a welcome package from your Property Manager which will contain important forms that need to be completed if you wish to rent your home.
Ensure you have purchased landlord’s insurance and that your tenant has tenant/renters insurance. Tenants/Renters, especially short term, are the leading cause of wear and tear, damage and emergencies in buildings. Make sure you are covered.
Avoid short-term rentals – these are typically high-risk.
Check on your rented home at least 4 times per year. There are some great tenants who take great care, but you never know unless you check.
Always check references!