Tuesday, October 20, 2020

How to Clean the Porous Floor Tiles?

If you give the care to the tiles, then it will stay last long. Right from hexagon tile to beveled tile is known for...
More

    Latest Posts

    Tips for Remodeling Homes for People with Disabilities

    Your home is a place of comfort, where you feel loved, safe, and at peace. However, things are not often the same for people...

    Benefits of Traveling Abroad When you are Young

    Now, I finally got to reap all the plenteous benefits travelling abroad as a young man has to offer, all thanks to royal migration,...

    What Does E and O Insurance Cover?

    One of the first things you want to do when you set up a new business is to ensure that it is safeguarded in...

    What is CrossFit? What Clothing Should we Use?

    What is CrossFit? CrossFit is a program created to offer a full-body exercise that consolidates components of cardio, weight lifting, acrobatic, center preparing, and more...

    Considering Short-Term Condo Rentals? Here’s What you need to Know

    Many condo owners make the costly mistake of assuming they can rent out their unit whenever they so choose. This has become an even greater problem since the rise of short-term rental companies like Airbnb and FlipKey.

    Unfortunately, what many condo owners don’t realize is that Alberta Law now allows condominium boards to ban residents from renting out a condo short-term. Contact condo management Calgary for the various condo management problems.

    Thus, it is critically important that condo owners do their research and understand whether they are permitted to rent their unit—or if there are any applicable condo rental restrictions— before allowing anyone to stay in their home.

    5 Things to Know About Short-Term Condo Rentals Before You List

    1. You Need a License

    In both Edmonton and Calgary, condo owners are required to have a valid business license to rent out a private residence for profit. This is one of the most crucial rules for renting out a condo since any property owner who rents without a license can face fines of $500.00 or more, per instance of non-compliance.

    To obtain a license, you must complete a home-based business license form on either the City of Calgary or the City of Edmonton website.

    2. Your Condo Board May Require You to Pay a Damage Deposit

    There is always a risk involved when renting out a property to strangers. They could cause damages to the unit (stained carpets, holes in walls, etc) or common areas (lobbies, elevators, etc).

    Your condominium association has the right to request a damage deposit to protect themselves against these potential damages— and the deposit is the responsibility of the unit owner.

    Be sure to check with your board before listing a condo for rent, as failure to pay a damage deposit could result in additional fines and complications down the line.

    3. You May Not Be Permitted to Offer Parking to Your Guests

    Before renting out a condo, it’s always advisable to ask your board if there are any restrictions on who can occupy parking stalls. Some condo associations prevent anyone who is not a resident from parking in designated areas. There may be visitor parking available, but these spots often have a time limit that must be adhered to.

    Consulting with your condo association ahead of time will save you headaches in the future and limit conflicts between your guests and permanent residents.

    4. You May Need a Signed Statement From Your Tenant

    Some condo boards require short-term tenants to sign a document acknowledging they have received an updated copy of the condo bylaws, have been provided with emergency escape plans or maps, and are aware of any punitive actions that may apply should they not adhere to condo rules and regulations

    Failure to obtain a signed agreement could result in the tenant being denied access to the complex or being asked to vacate the property.

    5. You Must Maintain Up-To-Date Tenant Records

    If your board does permit short-term condo rentals, you are required under Alberta Law to keep a detailed record of who stays in your unit, along with how long they stay and any pertinent contact information.

    This log must be written in English and submitted to Chief License Inspector in an electronic format upon demand.

    Failure to maintain these records will result in a fine of $1,000.00.

    To avoid costly fines or other disciplinary actions, it is best to contact your municipal government office and your condo board to clarify any requirements or permissions before listing a condo for rent.

    Additionally, property owners should be aware of the risks associated with short term rentals, including:

    • The possibility of major damage to your unit
    • Neighbours complaining about strangers coming and going from their complex
    • Lack of insurance (Not all insurance companies cover short-term rentals.)

    As an example, one Airbnb host in London, Ontario, was left with more than $80,000.00 in property damage after renting out his unit, including broken windows, kicked-in walls, and a destroyed deck.

    There are many similar horror stories on the web from homeowners around the world who were hoping to earn additional income, only to be left with a hefty bill.

    The more research you do, the less likely you are to encounter these unwanted circumstances.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest Posts

    Tips for Remodeling Homes for People with Disabilities

    Your home is a place of comfort, where you feel loved, safe, and at peace. However, things are not often the same for people...

    Benefits of Traveling Abroad When you are Young

    Now, I finally got to reap all the plenteous benefits travelling abroad as a young man has to offer, all thanks to royal migration,...

    What Does E and O Insurance Cover?

    One of the first things you want to do when you set up a new business is to ensure that it is safeguarded in...

    What is CrossFit? What Clothing Should we Use?

    What is CrossFit? CrossFit is a program created to offer a full-body exercise that consolidates components of cardio, weight lifting, acrobatic, center preparing, and more...

    Don't Miss

    CLAT Preparation- Crack Law Entrance for NLU Admission

    Cracking the CLAT test is a highly coveted dream for most aspiring lawyers. It is being sought by many but accomplished by a very...

    Magento Tweaks for Beginners

    How can you improve the efficiency, performance, and functionality of your online store from the developer’s point of view? There are a great number of...

    8 Regional Weddings in India

    Wedding stage decorations at Weddings vary from one place to another. But mostly what affects every Wedding in India is the difference in community...

    Few Steps for you to Lose Weight but Safely

    Every one of us wants to look good and attractive. Somehow the overweight problem of us prevent us to a good look. We become...

    Tips to Make more Interesting your ASUS Laptop

    ASUS is the leading company across the world. ASUS is the top-rated motherboard and gaming brand in the entire universe. ASUS always stunned us...

    Stay in touch

    To be updated with all the latest news, offers and special announcements.