All Forum Posts by: Aaron Kozloff

Quebec has some of the strongest rental protections globally as far as I'm aware (both you have to inform future tenants of what the past year's rent and that you have to strictly justify any increases). 

But it sounds like it is definitely worth doing renos that provide peace of mind, and then any additionals that might be cheaper to do that can add value/increase rent (if we're redoing electrical and ripping down walls, may as well do anything else that can be done while ripping down walls). 

Thanks Helen and Jonathan!

Yeah, so I definitely agree that it is worth taking advantage of the vacancy. One caveat to know is that Quebec (and Montreal) where the plex is has pretty strong tenants rights and rent increase limitations (so you have to explain/justify any rental increases to the housing board.

Are there typical updates you'd aim to do for increasing quality of life of future tenants while increasing property value? Because I'm also likely going to be renovating the bottom unit at least a little bit (for us to live in once the current tenants move out), I'm trying to find a balance between increasing quality of life for the future tenants, improving safety of the building (and increase property value), and stay within a budget of $15-20k for that unit to leave additional funds to renovate the 1st floor/basement unit.

In September, I closed on a 4-plex in Ville Emard with the future intention of becoming an owner-occupant, and one of the tenants (paying $1300 for a 2-bedroom that badly needs renos) has decided that she wants to move out (her ex-roommate moved into the apartment across the hall from her).  Some of the renos that seem worth doing are rewiring the electrical, a fresh coat of paint, and maybe improving some other components of the unit (it is OLD). 

Some options we're considering are:

1) Letting her break the lease and we:

a) Find someone else to move in before doing renos.
b) Do renos, and raise rent (though before X-mas is a bad time to get renos done).
c) Find someone to rent it for a fixed term lease before doing renos.
d) Furnish it, and make it available for medium-term rentals (I'm an ex-circus performer, and wanted to provide cheaper than Airbnb medium stay housing to traveling circus professionals). 

2) She can lease transfer. But we don't really trust her judgment to pick someone that is going to be a good fit. 


Would appreciate guidance on the best decision financially - both long and short term as a new home-owner.