Advice on renting out my place?

[Frequitude]

I'm moving in with my girlfriend shortly but would like to keep my place and rent it out. It's a 2 bedroom older townhome condo with an unfinished basement in Glamorgan (SW Calgary near Westhills).

Can anyone share any opinions/advice on the following:

1) Getting help drafting a rental agreement?
2) Is there a way to get around foregoing the principal residence exemption from capital gains tax?
3) General tips on the accounting/financials involved with renting out.
4) How do I find out how much I can get for my place?
5) I would leave in it an entertainment centre unit, 4 person dining room table set, washer & dryer, stove/oven, fridge, microwave, dishwasher...how much value does this add?
6) perhaps most important - general renting tips from the CP wealth of knowledge???

Cheers all!

[MelBridgeman]

Good luck!
my advice is its worth forgoing a month or two of rent to find the right tenants - bad tenants are a nightmare...

[GoinAllTheWay]

The biggest problem you are likely going to face is finding someone to insure it. Most companies shy away from stand alone rented dwellings unless they have your principal residence.

Rental agreements are pretty easy, do a google search as their are tons out there.

No idea bout capital gains.

Only thing I know about finances is with the damage deposit, you will have to pay that back when they leave (obviously) minus any damage they have down outside normal wear and tear and you have to pay them interest on it I believe.

The amount to charge is hard to say, for a full sized house I can see you getting away with 1600/mnth easy. Seems like that is the average rental income coverage I do for most of my clients.

The only items you listed that you are leaving in that are going to make any kind of differnce would the microwave and washer/dryer. Most of the other items you would expect to see (major appliances) in any rented dwelling and 9 times out of 10, the tenants would have their own tables and such. Not sure having the extras outside of the washer/dryer would make any difference.

Renting tips-Hmmmm, visit the place as often as you are allowed to under rental law. Make sure you do a background check on any tenants as you are leaving your most valuable possesion in strangers hands. Do insist they take out tenants insurance as most rented dwelling policies do not cover damage done by tenants.

That's about all I have for ya

[Bend it like Bourgeois]

Make sure you talk to a lawyer and accountant.

I would think the stove fridge etc is pretty much expected. Maybe the washer dryer is a perk someone will pay for. On the rest I'd say rent it furnished or not. Sounds like you are part way. If you don't want your old stuff, sell it. Just my opinion.

Finally I know when you start renting you are basically selling the unit to yourself at today's prices for a rental property. That will keep your capital gains to date tax free. Deemed disposition - One of about 4 technical terms I know and I've now got to use it twice in a week