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Vancouver Homeowner 2010 Checklist
for Home Owner Furnished 2010 Rental Accommodation
If you are a Vancouver home owner and you have
decided to rent out your suite, condo, townhouse or single family
detached house, there are a few things that you need to prepare
for and decide upon before, during and after the Winter Olympic
Games. This Vancouver homeowner 2010 checklist or home owner 2010
check list is for those people who want to rent their furnished
or unfurnished 2010 rental accommodation for short-term stays
during the Winter Games in February 2010.
Obviously, if you are a seasoned property manager,
these Vancouver homeowner 2010 Olympic checklists will be quite
familiar to you, but for newbies who are renting their homes for
the first time, these 2010 Vancouver homeowner checklists are
going to make or break your experience as a landlord. There are
many things that you must consider and may not be aware of when
you are renting short-term 2010 Vancouver accommodations, and
the next series of Vancouver home owner 2010 checklists will outline
all the things you need to think about now and until after the
Olympic Games are over. These new 2010 homeowner checklists are
here to help and assist you in making the right decisions and
also to protect you in the case of a bad tenant, damages, or even
theft. As a Vancouver homeowner, the 2010 check lists here will
help guide you through what most professional management companies
deal with every day. So here they are in a nutshell.
However, if you would like a downloadable Vancouver 2010 Homeowners
Guidebook and 2010 Landlord Guide with a lot more detailed info
and a step-by-step checklist with lots of links to pertinent details,
you can download it for ONLY 99¢.
The Pre-Olympic Vancouver Homeowner Checklist
If you are looking to rent your home
for the Winter Olympics and haven’t yet started, now is
the time to begin your tenant search. By following the Vancouver
2010 homeowner checklist, you will be able to review and do your
due diligence in all areas in order to find the perfect tenant
for your suite, condo, townhome or home. The Vancouver 2010 rental
checklist is here to guide you through the process of property
managing your rental accommodation during the Olympics, and for
those of you who have never done this, there may be a few things
that you need to keep in mind. A Vancouver 2010 rental accommodation
is like a business deal. Everything has to be agreed upon between
all parties and the collection of funds and managing your furnished
Vancouver 2010 rental property through the use of the 2010 checklist
for homeowners is of utmost importance. Obviously, we cannot cover
everything you need to do and look out for when it comes to a
furnished Vancouver 2010 rental accommodation, but we have tried
our best to outline the most important issues and steps involved
in our homeowner 2010 checklist for Vancouver home owners converting
their suites and residences into Olympic housing. Again, this
guide will allow you to cover all basis when dealing with a Vancouver
2010 rental accommodation that you are managing and also to find
the best tenant suitable for your rental suite. Here are the first
few steps involved with renting Vancouver 2010 rentals:
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Determine the type of Vancouver 2010
Rental housing you are offering |
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In many cases, you will be either renting out an entire
apartment condominium, townhome or single family home. |
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However, there are also other instances where a Vancouver
homeowner may opt to rent out a basement suite or even
a bedroom within a home. |
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Decide on what is most suitable for you in terms
of your Vancouver 2010 rentals offering. |
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Select the Availability Dates for your
Vancouver 2010 Rentals |
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In order for you to find the ideal tenant for your
furnished Vancouver 2010 rentals, you must first decide
on the availability dates of your suite or home. |
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The Vancouver 2010 Olympic Winter Games run in February
2010, for a total of two and a half weeks, so it is
very important that you either make available the entire
time, or expand your Vancouver 2010 rentals availabilities
to the entire month of February 2010. |
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In some cases, like the media and athlete’s
families, they may want to rent your Vancouver 2010
rentals before and after the Winter Olympics, so be
ready to rent your home for January and even March 2010
for extra income. |
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• Determine your Vancouver 2010
Rentals rate card and competitive pricing |
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In order to be competitive, make sure you do your
research into how much other property management companies
are charging for their Vancouver 2010 rentals. |
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Remember to do a cross analysis of furnished or unfurnished
rental 2010 accommodations that pertain to your specific
community within your city, the number of bedrooms/bathrooms,
square footage/size, number of levels and the age of
the rental suite. |
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In addition, you must compare your furnished Vancouver
2010 rentals with others in terms of parking and furnishings. |
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Select the On Site Amenities that
will be included with the rental rate |
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In many cases, Vancouver homeowners will have the
ability to offer extra incentives or on site amenities
as part of the Olympic experience for their tenants. |
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If you have onsite building amenities such as swimming
pools, fitness gyms, yoga studios, health spas, lounges,
rooftop decks, billiards tables, screening rooms or
other perks, decide what is included with the furnished
Vancouver rentals that you are offering, and what is
not so that there isn’t any confusion. |
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Understand the Local Amenities of
interest |
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Many tenants and visitors will want to be not only
close to the Olympic Venues but also local conveniences,
so make sure you understand the most important amenities
that your location is known for, whether it be shopping
or dining, banks or libraries, recreational or entertainment
facilities etc. |
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Furnished or Unfurnished Vancouver
2010 Rentals? |
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Choose between unfurnished or furnishing your Vancouver
2010 rental accommodation. Obviously, most tenants and
visitors will be looking for fully furnished suites. |
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Decide what furniture and furnishings need to stay,
be replaced or be added to your furnished 2010 Vancouver
rental home or suite and have a list of all features
ready for potential tenants. |
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Home Insurance |
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Make sure you have adequate home insurance that protects
your home in case of damages and/or theft |
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Strata Bylaws and Regulations |
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Another thing to make sure is that if you live in
a condo or townhome strata, that your strata bylaws
allow you to offer short term 2010 Vancouver rentals. |
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Many strata bylaws and regulations now restrict short-term
rentals under 6 months and will penalize you for advertising
and committing to such agreements. |
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In some cases, strata bylaws may allow original home
purchasers to rent Vancouver 2010 rentals short-term. |
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Marketing and Advertising Your furnished
2010 accommodation |
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Often overlooked as the last step in renting your
home or condo, a Vancouver 2010 rental must be accurately
and efficiently marketed to the mass audience. |
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Try uploading advertisements to free sites such as
Craigslist.org or Kijiji.ca. |
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Also try some of the paid listing sites for your
furnished Vancouver 2010 rental. |
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Lastly, you can pinpoint some magazines and newspapers
for more exposure. |
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Make sure that your ad contains a detailed and accurate
description of your new Vancouver 2010 rentals, as in
most cases, the potential tenants will not have a chance
to view the suite in person before arriving in Vancouver
for the Olympics. |
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Also make sure that you take pictures of the exteriors
and every room in the interiors with the furnishings
(or as close to the final furnished look as possible)
and make sure you have good lighting. |
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Preparing the Residential Tenancy Agreement
– A Lease 2010 Checklist for Preparation
If you are looking for some tips on how to draft a Residential
Tenancy Lease for your furnished Vancouver 2010 rental for the
Olympic Games, you can most likely just visit the Government Website
for a downloadable PDF. We are here to help you with the addendum
for other regulations and terms that we recommend you add into
the Residential Tenancy Agreement. This Vancouver 2010 lease checklist
for homeowners renting their homes during the Winter Games is
here to go step by step in what should be included with your agreement
contract. Remember that you are most likely dealing with travelers
and visitors who you may not be able to meet prior to their arrival.
Therefore, it is of utmost importance, that you, as a BC landlord,
follow all requirements by law for drafting a contract in this
Vancouver Homeowner 2010 Checklist. The following Vancouver 2010
checklist for lease agreements also covers the smaller details
that you may not be aware of or have forgotten to add. Remember
that the standard BC Residential Tenancy Agreement is just that,
the bare bones for a short-term furnished rental 2010 accommodation.
Therefore, we try to cover more information in this Vancouver
lease 2010 checklist for property homeowners and landlords for
the upcoming short term rental suites. Here is the rental 2010
homeowner checklist for lease agreements:
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Vancouver 2010 Rentals Application |
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When someone is inquiring about your furnished Olympic
2010 rental, please make sure you do your due diligence
and ask the right questions that may include their full
name, contact information, location desired, bedrooms/bathrooms,
amenity requirements and other things of interest. |
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In addition, if possible, do both a credit check
and criminal check on your potential Vancouver 2010
renter. |
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Follow-up on all references. |
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The Standard Residential Tenancy Agreement |
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Download the latest 6 page BC Residential Tenancy
Agreement (#RTB-1) online at the Office of Housing and
Construction Standards British Columbia government website. |
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Use this exact Residential Tenancy Agreement for
your furnished Vancouver 2010 rental accommodation. |
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Fill out all the pages of the BC Residential Tenancy
Agreement and on Page 2 of #RTB-1 for your furnished
Vancouver 2010 rental, make sure you select ‘other
periodic tenancy’ as your option for the short-term
furnished 2010 Olympic housing rental. |
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Check off everything that is included with the 2010
rental accommodation and specify and deposits and rent
amounts. |
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BC Short-Term Residential Tenancy Agreement
Addendum |
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As mentioned above, the Vancouver 2010 homeowner
checklist also includes a section for an addendum to
the tenancy agreement for your short term furnished
2010 rental accommodation. |
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This addendum is used to outline other additional
terms and expectations for the agreement including extra
bylaws, regulations and penalties for various infractions
during your tenants’ stay in your home. |
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The Addendum should also have a section where the
party signing has to give all the full names and contact
information about the persons staying at your Vancouver
2010 rental accommodation. |
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The Agreement Addendum on the 2010 Vancouver homeowner
checklist should also contain a section that specifies
that smoking is NOT allowed inside at any time and substance
abuse would not be tolerated. Infractions can lead to
immediate eviction. |
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Also include a section about cleaning upon move-out. |
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Have the tenant initial at the bottom of each page
and sign/date the final page to acknowledge that they
have received and understand the additional terms and
conditions for your Vancouver 2010 rentals. |
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Collection of Funds |
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In order for the furnished Vancouver 2010 rental
process to run smoothly, make sure that all the terms
surrounding the collection of rent and deposits are
indicated in writing and signed off. |
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A 50% non-refundable deposit must be transferred
to your bank account or paid by bank draft or Paypal
in order to secure the Vancouver 2010 rentals (furnished
or unfurnished). |
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In addition, a non-refundable security deposit (also
called a damage deposit) of ½ the amount of the
total rental price for the tenant stay should be charged
at the same time. |
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The remaining 50% rental payment for the furnished
Vancouver 2010 rentals should be payable within four
to six weeks of the tenant arrival again by bank draft,
online PayPal or in cash. |
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Also have the tenant agree to an addition $150 to
$250 for cleaning fees. |
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Other Checklist 2010 Vancouver Homeowner Tips
and Recommendations
Obviously, there are many things that have to work simultaneously
in order for the 2010 homeowner checklist to run smoothly for
your furnished Vancouver 2010 rentals. Other things of note are
indicated in the below checklist for Vancouver Homeowners for
2010 rental accommodation:
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2010 Hotel Room Taxes or the BC HRT
and Municipal Taxes |
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For Vancouver homeowners renting four or more units
of accommodation, you must charge your tenant the 8%
Hotel Room Taxes for any short-term Vancouver 2010 rental. |
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In addition to the BC HRT of 8%, for homeowners in
most cities, you will need to charge an additional 2%
in municipal taxes, which is also usually passed on
to the tenant. |
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Make Your Vancouver 2010 Rentals Competitive |
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With professional 2010 property management companies
specializing in the Winter Olympic Games rentals and
with other well branded individual investors, make sure
that your unit gets the exposure and competitive edge. |
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You can do this by hiring a marketing designer or
by added incentives like including home transfers, Olympic
event tickets, dinner gift certificates or onsite amenities. |
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Your Post 2010 Olympic Checklist for Vancouver
Home Owners
What are you going to do with your apartment condo or home after
the 2010 Olympic Games? If it is your primary residence, are you
moving back or continuing to rent? If you are an investor, are
you going to look for a new tenant post-2010 Olympics? If so,
this Vancouver 2010 home owner checklist should answer some of
your questions and also prepare you for the aftermath. The rental
2010 homeowner checklist will also go through some cashflow and
money issues that you may not be aware of. Remember that there
are tax implications in everything that you decide on, so following
this guide for Vancouver Homeowners 2010 checklist will help you
through all the things you need to think about.
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Personal Income Taxes to the CRA |
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If you are renting your home for the 2010 Olympic
Games, you must report all rental income to CRA at the
end of the year. |
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Usually, because these are short-term Vancouver 2010
rentals, you will need to pay taxes on 100% of your
profit. |
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Ask your accountant regarding how to offset your
2010 rental income with expenses that include your strata,
property taxes, interest on your mortgage and other
furnishings and purchases you made to get your Vancouver
2010 rentals ready for your tenants. |
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GST Rental Rebate Claims |
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Remember that the GST 524 Rental Rebate is only for
long-term rentals as you need to substantiate a 12 month
lease agreement in order for you to claim the refund. |
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The GST524 Rental Rebate may not be claimed for your
furnished Vancouver 2010 rental accommodation as it
is less than 6 months. |
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Remember that the GST 524 Rental Rebate only works
for new condo and townhome properties that you recently
closed on for $350,000 or less. |
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The Primary Residence Exemption |
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If you are renting out your own home or primary residence
condo, there may be long term consequences regarding
your potential future profit when you sell your home. |
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Please do your due diligence and calculate your PRE
or Primary Residence Exemption to see if this will affect
your furnished Vancouver 2010 rentals. |
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Post 2010 Olympic Vancouver Rental
Market |
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As the 2010 Winter Olympics wind down, most athletes,
media and family will be leaving Vancouver, and as a
result, the city rental inventory will skyrocket. |
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Budget a 1 to 2 month contingency for vacancies post-2010
Olympic Games |
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Be prepared for fierce competition for tenants once
the Vancouver 2010 Olympics are over, as many investors
and owners will be looking for new tenants, and renters
will be looking for great deals. |
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We hope that you find this information useful in your search
for the ideal tenants for your furnished Vancouver 2010 rentals.
One thing you must always remember is that you should treat your
furnished 2010 Vancouver rentals as a business, so make sure that
you cover all basis and protect yourself against problems that
may arise before, during and after the 2010 Vancouver Olympics.
And always remember to have fun and enjoy this incredible event.
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