Real Estate Tips From a New Homeowner

Buying a property means assuming responsibility for housing expenses such as maintenance, bills, repairs, and taxes. While you may be comfortable with handling these costs, you may want to get more out of your home, which is something that you can do by renting out space.

While a lot of property investors will rent out the property and live elsewhere to generate consistent income, you can get creative to still live in the home while picking up income. This makes it important to consider all your income options while choosing a property to purchase.

Detached Suite

An easy way to buy a home that will allow you to generate income is by picking one with a detached suite. This will make it possible to rent the suite out as a vacation rental or even its own apartment if it meets all the requirements to be considered an actual residence by law.

You may want to figure out your goals beforehand because this will help you decide what kind of suite to target while house shopping since they both come with different demands.

Basement

Getting a property with a basement is also an excellent move because you can rent out the space in a variety of ways. If there is an entry door outside, you can treat it as a full-fledged rental in which you rent out the entire basement to a tenant after listing and marketing. An unfinished basement is still worth considering when you are comfortable with finishing it as the owner.

If you do not want to make an entrance into the basement from outside, you will still be able to treat the basement as a vacation rental. You may want to opt for this route when you are not interested in putting a ton of work into the basement before you start generating income.

Parking

When you get your hands on a property with a large driveway or garage that you know you will not be utilizing, you should consider renting out the space. For instance, your garage will serve as an excellent place to park a vehicle because of all the protection that it can provide. Even your driveway may be desirable when you live in an area where people must park for various reasons.

If you are planning to live in a neighborhood or area in which street parking fills up on a regular basis or major events happen nearby, you will likely be able to generate income with parking.

Using these tips while shopping for a home should help you make income on the side.

For information about homes for sale in your area, contact a local real estate agency.