Incomes suites in Toronto are a great way of subsidizing the growing cost of owning a property. Whether you are just starting out as a homeowner or you already have the house of your dreams and are looking to downsize, creating an income suite is a smart investment.
Income suites are a clever way of ensuring that you always have a form of income being generated. This income is great for helping you pay down your mortgage, clear up debt or even build your savings account. However, it is important to build the suite properly.
Firstly, you shouldn’t invest more than two years worth of rent in the renovation. So, for example, if you are planning to charge $1000 per month, then the total cost of your renovation should be less than $24,000.
Next, look for a natural division in your home to create the rental suite in. For instance, if you already have a backdoor that leads to a lower level or if you have a space over your garage to which you can add a staircase or even if you are able to section off your foyer to lead either an upper level or your main floor – these are all very good options. In fact, many seniors are opting to convert their upper level into an income suite instead of downsizing – not only does it provide them with a steady stream of income after they retire, but they get to remain in the home that they have probably come to love.
Getting the proper permits to build an income suite is also necessary. You will have to look into your municipalities bylaws to make sure that you are allowed to build a rental property in your home.
Lastly, don’t spend too much on fixtures. Although it is essential to get good quality, durable fixtures for the bathroom and kitchen, it isn’t necessary to spend a lot of money on them. Do, however, have a focal point in the home that will help get renters in the door and will help you market your place when the renovations are done.
Income suites are a clever way of ensuring that you always have a form of income being generated. This income is great for helping you pay down your mortgage, clear up debt or even build your savings account. However, it is important to build the suite properly.
Firstly, you shouldn’t invest more than two years worth of rent in the renovation. So, for example, if you are planning to charge $1000 per month, then the total cost of your renovation should be less than $24,000.
Next, look for a natural division in your home to create the rental suite in. For instance, if you already have a backdoor that leads to a lower level or if you have a space over your garage to which you can add a staircase or even if you are able to section off your foyer to lead either an upper level or your main floor – these are all very good options. In fact, many seniors are opting to convert their upper level into an income suite instead of downsizing – not only does it provide them with a steady stream of income after they retire, but they get to remain in the home that they have probably come to love.
Getting the proper permits to build an income suite is also necessary. You will have to look into your municipalities bylaws to make sure that you are allowed to build a rental property in your home.
Lastly, don’t spend too much on fixtures. Although it is essential to get good quality, durable fixtures for the bathroom and kitchen, it isn’t necessary to spend a lot of money on them. Do, however, have a focal point in the home that will help get renters in the door and will help you market your place when the renovations are done.
