Becoming a landlord: how to make money from your house
You may be wondering where you might be able to make some extra cash. What if you are sitting on (or in) an opportunity right now? Your house has cash-generating opportunities, literally at your doorstep.
If you have a spare room within your home, then you have the possibility to turn that space into cash to boost your monthly cash flow.
Weigh out the pros and cons of having another person in your home though. Will this be disruptive to your family life? Are you sharing bathroom and/or kitchen space? Is there privacy? Think a few months down the road what your home life will look like, before you commit to signing a lease.
Converting space for rental
Maybe you’ve been toying with the idea of creating an income suite in your home (converting part of your home- maybe a single floor or part of the basement) for a full apartment to rent out.
It’s a little more complicated than just simply swinging the hammer though, and you are well advised to do a little due diligence.
Did you know that there are conditions to be met before you create or convert space in your home to an apartment?
Additionally, there are several rules and codes that must be abided by. Even if you are going DIY for the construction to save some money, realize that if you don’t abide by these rules, you could be opening yourself up for some serious liability.
For starters, depending on what you are doing, you need a building permit (check with your municipality for details). You then need to go through a series of inspections through the building process that include passing both electrical and fire safety inspections.
Do you have what it takes personally to be a landlord? Are you willing to gather rent, negotiate and attend to problems as need be?