In today's world of larger homes with more and more available space, income suites are fast becoming one of the major money making home investments. Do you have a large space that is simply not being used? An unfinished basement or unused garage? Or maybe there is an in law suite already in your home. These suites can be a great source of income for you. Renovating to create a suite can be a costly and time consuming process, but if done properly, they will pay for themselves over time.
When thinking about installing an income suite there are a few things that you should keep in mind. First, make sure that you have the appropriate permits and that an income suite is allowed by your community. Next try to imagine what you would like to get out of a suite money-wise and what you are prepared to pay to make the reno happen. Once this has been decided, make sure that you plan allows for all the necessities of life and a few extra conveniences to add some appeal.
Good things to remember when planning an income suite are things like: how close are you to major amenities? A large number of people who will be looking to rent a suite will be students or young couples, so access to schools and major business centers are a great bonus. Take some time and review the other rentals in your area, compare what they offer and what price they are offered at with your plan. How to they compare? Try not to price your suite out of the market, and don't forget to interview possible tenants thoroughly and ask for references. Remember, they will be living in your home so be careful of who you rent to.
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Source: http://www.articlealley.com/article_134094_33.html
