WHAT??? You Mean I’m Stuck With Them!?! Well... you could be. If you are buying a home with a tenant and your plans include bumping them for someone else, think carefully. There are a number of protections in place for tenants that could spoil your plans if those details are not considered in advance. For example, a tenant can only be subject to a rate increase once every 12 months, and to a maximum hike of 2.5%. In other words, if the tenant is paying $600 / month, the maximum allowable rate hike in 2015 will be $15 and not before 1 year has passed from the last rate hike. So serve them notice and find someone else? The tenant is protected from this situation. In fact, the only means by which a tenant can be served when they are not in breach of the tenancy agreement is by being properly served 2 months notice and payment of one months rent. In this situation, the landlord’s intent must be to either occupy the suite for themselves, immediate family, or undertake a massive renovation. The suite may not be rented to another tenant outside of immediate family for at least 6 months. This is just a small section of information to consider when purchasing a home with a suite. Need more information? Leave a comment, or call me anytime at (604) 916.8000! Kevin.
Blog by Kevin Brown | March 10th, 2015