Although some Hamilton landlords may be Stirring about the city’s new property standards, others remain optimistic that a clean-up will boost what the region has to offer.
Is the "new" Hamilton rental unit up to standards? Let's hope so before the city’s officials come knocking on the door to verify the property is up to proper standards.
Instead of a flat licensing fee for something like a six unit (or less) rental housing complex, last week city officials decided to invest in an existing program that cracks down on such housing with increased fines for offenders. As part of the plan, five part-time staff will check on property standards and maintenance issues.
With that said, many unhappy and tainted investors view the approach as another way for the government to squeeze cash out of property owners. Yet other, more experienced investors see the move in a more positive light.
I personally think a strong proactive approach to cleaning up the whole rental market in Hamilton is a good thing. In turn, it will be an attractive place to live and encourage more people to relocate and invest in Hamilton.
It is estimated that there are over 8,000 illegal apartments in Hamilton alone. Slum landlords will likely become a thing of the past for Hamilton when all this comes into effect. No one likes to see dilapidated, run down and even vacant properties in a neighbourhood. It can deters investors so this change should truly benefit the area.
Some of the targeted areas that have been identified as two key targets by city officials are McMaster University and Mohawk College. These areas in particular have reports of small homes housing 10 students and more. It is wise to be careful of large rooming houses among other things.
In the end, it should be a great thing for the serious investor. Hamilton is an affordable city to invest with. You need to ensure you’ve completed your due diligence and certainly have the right Real Estate Professional working closely with you.
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