Whether you are planning to add a rental suite to your home or purchasing a new principle residence and turning the existing one into a rental property, there are things you need to keep in mind. The prospect of earning additional income from apartment rentals does sound lucrative, but remember, it is no easy money. You need to plan things well to ensure that your rental property is profitable. If you plan to offer a home or homes for rent, here are some ideas to help you succeed.
1. Adding A Rental Suite
The easiest way to start earning income from your property is by adding a rental suite to it. If you already have a basement suite, it makes things even easier. You will need minimal renovation to get it tenant-ready. However, if you don’t have a suite ready, you can consider getting your garage converted into a rental suite or build a separate structure if resources and authorities permit. When investing in a rental property, you should make sure that the expected returns should outweigh the costs. It is best to seek advice from professionals that are expert in managing houses for rent in Calgary.
2. Buying another property
If you think your current home can fetch you good rental income and you can afford another home, go for it. However, it is a huge decision and should be taken only after consulting experts. There are few things to bear in mind. First and foremost, ensure that the down payment for your new home is at least 5 percent and should come from your savings.