Creating an income suite in your Toronto home is a good way of generating passive income and of helping you pay down your mortgage. With the ever-increasing cost of homes in the GTA, it is no wonder that some people are opting to install income suites in their private homes so that they can afford their first or even their fifth homes.
The first thing to think about when creating an income suite is whether you have the room for one. Not just that, but the creation of an income suite should not impinge on your own comfort of the free use of your home. It is best to choose a spot that has it’s own access to the exterior so that there is no daily contact between you and your renters. Ideal spots include lower levels that have an exterior access, above the garage or on the main level if there is a way to partition it so that your renter can go directly into their own wing.
You must also determine what the by-laws of renting out a space in your home are in your locality. If you need a permit or need to change the zoning of your home, then be sure to get all of the necessary paperwork in place prior to beginning work.
Next, look for a good contractor who has experience in creating income suites. He/she will be able to get the necessary build permit so that you don’t run afoul of any zoning bylaws.
When you are creating a second dwelling within your home, be sure to get adequate fire and sound-proofing between your dwelling and the rental unit so that you don’t have to worry about clumsy or loud tenants. You will want to make sure that the second dwelling has proper exits and sufficient lighting in each room. As well, remember to rebalance your heating so that your home doesn’t suddenly lose heat to the new dwelling and do the same for your plumbing.
When you have properly installed an income suite in your home, you will reap the benefits for years to come.
The first thing to think about when creating an income suite is whether you have the room for one. Not just that, but the creation of an income suite should not impinge on your own comfort of the free use of your home. It is best to choose a spot that has it’s own access to the exterior so that there is no daily contact between you and your renters. Ideal spots include lower levels that have an exterior access, above the garage or on the main level if there is a way to partition it so that your renter can go directly into their own wing.
You must also determine what the by-laws of renting out a space in your home are in your locality. If you need a permit or need to change the zoning of your home, then be sure to get all of the necessary paperwork in place prior to beginning work.
Next, look for a good contractor who has experience in creating income suites. He/she will be able to get the necessary build permit so that you don’t run afoul of any zoning bylaws.
When you are creating a second dwelling within your home, be sure to get adequate fire and sound-proofing between your dwelling and the rental unit so that you don’t have to worry about clumsy or loud tenants. You will want to make sure that the second dwelling has proper exits and sufficient lighting in each room. As well, remember to rebalance your heating so that your home doesn’t suddenly lose heat to the new dwelling and do the same for your plumbing.
When you have properly installed an income suite in your home, you will reap the benefits for years to come.
