Is buying a home and renting the basement out a good idea for you?
Tags: Basement Suite, Landlord, Legal Suite, New Home, Rental Property, Renting, Revenue Suite, SASKATOON
Buying a home and renting out the basement can be a good way to generate extra income and help offset the costs of homeownership. However, there are several things to consider before making this decision.
Firstly, you’ll need to check the local zoning regulations to make sure that renting out your basement is allowed. Some areas may have restrictions on the number of tenants or the type of rental agreement you can offer.
Secondly, you’ll need to ensure that the basement is up to code and meets all safety requirements before renting it out. This may include installing proper exits, ensuring adequate ventilation, and addressing any potential health hazards.
Thirdly, you’ll need to screen potential tenants carefully to ensure that they’re reliable, responsible, and can afford the rent. It’s a good idea to check references and do a social media check before signing a rental agreement.
Finally, you’ll need to consider the financial implications of becoming a landlord. You’ll need to budget for maintenance and repairs, insurance, and taxes, as well as any utilities or other costs associated with renting out the basement.
Overall, renting out a basement can be a good way to generate extra income, but it’s important to do your research and consider all of the potential risks and benefits before making a decision.