In today’s real estate market, people spend a lot of time trying to find ways to make their primary residence perform a little better. One way to do this is by installing or renovating an income suite. Income suites are great for helping with monthly bills, mortgage payments, and better for home security. In a general sense, a good income suite can pay almost or all of your monthly mortgage payment, leaving that money available for your other bills and costs. Finding the right tenants for such a suite is imperative, as this is your primary residence and your respite from the world, so the tenants must be perfect. If you are the type of person who takes long trips, this can also give you real peace of mind, as there is someone who takes care of the home and is there regularly.
If your home doesn’t already have a suite, then they are relatively simple to install. The main thing you will have to worry about is putting it in the kitchen. Now, a suite kitchen doesn’t have to be huge, but it should have all the trimmings of a normal kitchen; stove, sink, storage space, fridge, etc. Organizing the space so that kitchen and bathroom sinks and shower or tub can connect to existing plumbing can save you a great deal of money on startup costs. Plumbing can end up being a major cost, so try to plan the suite accordingly. Also try to think about what the average tenant needs and try to supply it. The more amenities you provide, the more you can get monthly for the suite.
This is also a great way to add value to your home, as home buyers love to see properties with secondary suites. This is especially true of real estate investors. Any type of property that offers a double income opportunity will be a much appreciated property. Investors spend months searching for the right dual income properties, as they really are ideal rental properties. Careful planning is essential in one type of rental situation, so plan it right and it should be quite profitable.
