Buying A Home For Investment: Rental Suites
Due to the instability of the economy at present
, there are many home buyers looking for an opportunity to buy a house that can help them pay for their mortgage. These buyers are looking for types of homes which may be in need of renovations and include more space than you need yourself so that you can rent out a room or a suite. Renting out part of your new home can be a great way to help pay for your mortgage and renovations.Look for a house that lends itself well to creating a suite in it; an outside entrance is always preferred for a rental suite when possible. Having a separate entrance for your tenant will avoid many possible problems.
If your goal is to buy a home that you can build a rental suite in, make sure before you buy that you can legally build a suite in it so that you can avoid potential zoning problems later on. Ideally, you should make sure that your Realtor knows that you want to build a suite in your new home so that they can assist you in finding a suitable house for your project.
Make the rental area as large as possible while still allowing the rest of the home to have ample space for you to live in; a small suite will net you a small amount of rent to help pay your mortgage while a larger suite will allow you to receive more rent for the rental of your suite.
Make sure that when you renovate your rental suite that you dont skimp on the important areas of it; while a rental suite doesnt require fancy fixtures but it does require a decent kitchen to cook in, an adequate bathroom, and a decently sized bedroom at the very least.
If your rental suite is underneath your living space, you will likely want to invest a little extra into sound buffering between the floors so that your tenant can talk or watch television downstairs without bothering you and likewise will not be bothered by you walking around in your house with your shoes on.
Remember that the nicer that you make your rental suite, the more likely it is that your tenant will enjoy living there; having a long term renter saves you from having to search for tenants as often to keep your rental income steady. Dont skimp on doing reference checks on any applicants when potential renters apply either; it will pay off in the long run if youre sure about who youre renting out part of your home to.
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