Recently I have had quite a few questions from friends and clients asking about the legalities of turning their basements into rental properties. As a Realtor, I not only buy and sell properties, I lease units and help my clients find rental properties. Rentals are becoming the default as owning a home may not be an option for many young families. Even some millennials believe they will never achieve home ownership.
There is much to consider; do you want to share your home? The extra income certainly helps pay down that mortgage. With so many variables, the expense of adding a kitchen or a few walls, the responsibility of being a landlord is not something for everyone. With that said, the opportunity is hard to pass up for some who like that extra money each month.
What is the impact of becoming a live in landlord? How much should I charge in rent? Is it legal to have a basement apartment? What about creating 3 units and living in one? Can I sell my house with a tenant?
I am pleased to provide a wonderfully written detailed information booklet that will answer all your questions. If you have considered a rental unit or already have a rental unit, this information is a must.
Enjoy! If you have any questions, I am more than happy to answer! Comments Welcome!
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