1. Your 1970s building is showing its age.
Challenge: It needs new water lines, a new heating system, and a new elevator. It must be vacant to do this work.
Opportunity: Kitchens, bathrooms, and interior lighting can be upgraded at the same time.
Four months' notice, right? Wrong! Think 12 months.
2. You could do with some upgrades in many suites. You also want to upgrade the security system and install double glazed windows.
The government now allows you to recover your costs, provided you don't end the tenancies to do the work.
Full cost recovery, right? Wrong! Think 30%.
Join Al Kemp as he digs below the surface of these recent government changes, looking for the gems that aren't there.
Al Kemp:
A residential landlord for over 20 years, and CEO of the former Rental Owners and Managers Society of BC for 16.
In the Industry Since: 1997
Relevant Expertise: Residential tenancies, manufactured home park tenancies, dispute resolution, government relations
Other Awesome Talents: Leadership, board relations, facilitation