Income suites are becoming more common because of their added value to homeowners. Not only can an income suite help with mortgage payments, but the extra source of income can help pay off your mortgage in half the time by adding in rent. Income suites also increase the value of the home and help cover the costs of utilities and maintenance.
Ideal income suites have existing rental units included, but that is not always the case. When creating an income suite, a few factors should be taken into consideration:
- Ceilings must be at least 7ft or higher.
- There should be a separate entrance for the income suite.
- There must be enough space to build a kitchen, bathroom, storage, living room, and bedroom. The living room and bedroom can be one large room if space is limited; this will be a studio-style income suite. An ideal income suite would have a laundry room as well.
- Be sure to have enough parking spaces for the renter and yourself.
- Rental rates should be based on local rates.
Once you have completed the construction of your income suite and are ready to start saving on your mortgage, it is time to find a renter to occupy your income suite.
Although creating an income suite is actually much simpler than it seems, finding a renter for your income suite can be quite a process. Make it easy for you by going viral. Social media is a great way to find renters because this generation of renters is active on the web; especially with social media. By using social media to find a renter, you can easily choose the perfect candidate to occupy your income suite. Narrowing your choices is much easier and quicker through social media. If social media connects billions of people around the world, then searching and connecting with local renters should be even easier.
Make sure to have a lease ready for your renter and discuss your preferences, such as quiet hours and preferences regarding guests, as well as bill due dates. Although you own the property with the income suite and are the one in charge of the lease, you are also a roommate to someone who lives in your income suite; therefore, communication is key in terms of your preferences.
The more amenities you supply, the higher the chance of finding a renter who is willing to pay a higher rental rate. Any property that has a dual income opportunity is highly valued by investors and home buyers. Planning is important in rental situations, so be sure to plan carefully to help your income suite become highly profitable.
Hi! I’m Maria, the Marketing Coordinator for Homes.com. I am part of a dream team that is dedicated to running this awesome blog along with Homes.com’s social channels. If I am not busy writing blogs and socially sharing for Homes.com, you can find me painting, drinking tea with my friends, and doing DIY projects!
