Your home is the best place to find comfort and have a roof over your head. But sometimes if you have enough space around, you can turn it into an additional income source. This is especially true in countries like Canada, where massive housing price increases like in West Vancouver homes require an owner to have a revenue suite to generate income as a mortgage helper.
Nothing quite beats the convenience that could come with making money from those rooms in your home that you hardly use. Well, one of the best ways to achieve this is to turn your home into a rental suite.
There are different ways to go about it; you can turn the basement into a rental suite. You can even use the garage or build a completely separate structure. If this is what you are setting out to do, then you need to be ready. Here are top five tips to help you prepare and get everything right, especially with the construction.
1. Get permits before you turn your home into a rental suite
The first step, before you even consider starting the construction, is getting a permit for the undertaking. Permits requirements vary depending on different localities. Nevertheless, if you are to turn your residential property into a rental one, then you will need a permit.
This helps with the safety aspect. So the local government sends in an inspector to inspect safety condition and any hazards. In our example above, a home owner of single family homes in west vancouver in Canada may have to apply to the local city hall before they can have their west vancouver suites turned into a mortgage helper.
These include such factors as heating, electrical, and exits in case of emergency among others. If you don’t acquire the permit beforehand, you may be required to stop the projects once you have started. You may even have to uncover or present any completed work for inspection. The good thing is, as much as these permits are necessary, they don’t usually cost much.
2. Before You Turn Your House Into a Rental Unit Contemplate a Separate Entrance
When you decide to turn your home into a rental suite, one of the best things to consider is your privacy. At the end of it all, you will most likely be renting to a total stranger. And in most cases, you can hardly tell about someone’s personality before you have spent some time with them. It’s thus crucial to ensure your privacy isn’t compromised with the new developments. In some localities, some regulations covering legal suites could demand these suites to have a separate entrance. In fact, in Canada and west vancouver districts, this regulation is almost mandatory.
Others might even require that these suits have a separate kitchen and bathrooms as well. So keep this in mind and consider researching before you begin building or renovating your revenue rental suite. But the most important aspect and the reason why you need a separate entrance is usually your privacy.
If you have another person living in the same premises and using the same entrance, then your privacy would become non-existent. Also, keep in mind that sharing the same garden or swimming pool with your tenant could also compromise your privacy.
3. Natural Lighting – Ensure you mortgage helper has natural lighting
The use of natural lighting is one of the most crucial considerations you can ever make. Here are 7 ways to best increase the natural light in your home. This approach comes with an array of benefits that you can harness for the good of both you and your tenant, and to ensure that you keep collecting that rent! One of the impressive benefits of natural lighting is enhancing the production of dopamine in the eyes.
This goes a long way to helping reduce the risk of nearsightedness in children and adults alike. Besides, sunlight is essential for the production of serotonin, also known as “happy” hormone. The hormone then helps in fighting Seasonal Affective Disorder (SAD) depression. Another great thing about natural lighting is its ability to enhance productivity and energy in individuals, a study has shown.
Above all, you can count on the use of this type of lighting to cut back on energy consumption. This helps to reduce energy bills and save money, not to mention helping reduce carbon footprint in your home.
4. Sound Proof before you turn your residential palace into a revenue suite
When you turn your home into a rental suite, you set out into the unknown. You can hardly ever tell the kind of tenant you will come across. You might find someone who doesn’t relish the idea of loud music or quite the opposite. Whichever the case, it’s best to be prepared. Soundproofing helps reduce any cases of confrontation regardless of the type of tenant you come across. Sometimes it would be wise to safeguard your tenant if you have some quite noisy neighbors.
Most importantly, if you live in a noisy area, this approach can really prove handy for your tenant. This could result from living close by a busy highway, near train tracks, or in an area with a loud construction or subway. Other noise sources include a restaurant, bar, and others, all of which can be a nuisance. If you want to ensure your tenant’s tranquility, the best way is keeping the noise out.
5. Source Cheaper Materials for your income property
With all the other factors under the microscope, the other crucial thing to look into is the materials. As you embark on this feat, you want to make sure you can get a return on your buck. So spending a lot is not a wise idea. Fortunately, you can always find many cost-efficient materials out there. Consider using cheaper materials. Some types of materials like ready-made cabinetry (like at Ikea) could help.
You can also go for end-of-the-roll flooring from such suppliers as Habitat for Humanity ReStore. These will make an ideal option for the expensive ones, while still getting the job done. The most important thing here is to ensure you don’t compromise quality as much as you need to cut on cost. Do a bit of footwork to find the right material at a lower cost so you can reduce the expense of the whole project.
Apparently, the quest to turn your home into a rental suite doesn’t have to be a daunting task. With these tips, you can always get the ideal rental suite that can bring you some impressive income. Remember to keep everything that counts into consideration. Ensure quality and satisfaction for your tenant. Be sure to get a permit before starting on the project to avoid inconveniences.
And make sure you don’t compromise your privacy in the long haul. On the bright side, you don’t necessarily have to break the bank to complete the renovations or building. With the right but cheap materials, you can get the perfect rental room for less. Above all, remember to make the most out of natural lighting to reduce the costs even further. All that remains now is to get a friendly and lovely tenant for your converted home into a rental suite.