renting questions

location: Y&E
age: 4 years
never rented, owner occupied
was designed as 2 bedrooms+den, 2 bathrooms condo.
was modified by the builder as a 1 bedroom+den, 2 bathrooms assignig the space of the ex 2nd bedroom to the living/dining room.the den has a door now.
thinking of renting it.
in the den there is a wall size bookcase, a drawer and a queen size bed.
is this a room or a den ?
when talking about the rent amount is it assumed the maintenance is included in the rent and the renter pays the utilities ?
what is the commission for property management ?
thank you.

avenirv said:

location: Y&E
age: 4 years
never rented, owner occupied
was designed as 2 bedrooms+den, 2 bathrooms condo.
was modified by the builder as a 1 bedroom+den, 2 bathrooms assignig the space of the ex 2nd bedroom to the living/dining room.the den has a door now.
thinking of renting it.
in the den there is a wall size bookcase, a drawer and a queen size bed.
is this a room or a den ?
when talking about the rent amount is it assumed the maintenance is included in the rent and the renter pays the utilities ?
what is the commission for property management ?
thank you.

Click to expand...

I believe technically, a BR has a window or window alternatives - so if your den has a window that may qualify you to call it a bedroom. The thing is - most den's don't necessarily have ventilation. You'll need to double check, I was looking at one condo unit that someone converted it as a bedroom for their baby room - they added doors but didn't realize the INTENDED use was to be left open - poor baby.
Maintenance is included - I believe the board won't allow for you to offload it to your tenant.
Tenant can pay utilities but you need to get them to register it under their name.
No idea about commission.

thank you.

I understand that commissions will vary but can be expected to be in the range of 10% of the rent, paid monthly. Definitely inquire to get a more accurate figure.

Rent is usually 1 month commission so about 8 and 1/2%.
For leases shorter than 1 year, if allowed by the condo corp, usually 10%. Often 10% on furnished rentals.
Then there is HST adding a further 13% on the 8 and 1/2% or the 10% if you use an agent.

If you use a property management company, the amount will be higher. Perhaps 5% of gross rents/month + depending if they rent it for you can have an amount though perhaps not the usual R/E agent fees on the MLS.