Nowadays, people frequently rent part of their home to help pay their mortgage. In fact, many people build suites into their homes or buy homes that have independent suites in them, so they have a renter to help pay the mortgage.
The most common problem with suites is that of the legality of having a suite built into a single-family dwelling. Make sure that you're allowed to have a legal suite in your home, by checking out the local bylaws before you build a suite into your current home. Just because a home has a suite built into it doesn't mean that it's been legally done; verify the zoning to make sure it is a legal suite.
Proper additional insurance is required for a home with a suite in it; make sure that you are properly covered when you talk to your insurance provider. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Many renters wrongly assume that you, as the landlord, are responsible for their belongings in the event of a catastrophic event. In fact, their furniture, electronics, clothes, or other personal items are not covered; only the property itself is.
Renter's insurance protects tenants' belongings from these type of events, including theft. This type of insurance can cover them for any liability if someone gets injured in their suite, as well as protect them from all these things.
Renters insurance should be insisted upon by you. The landlord's rental agreement sometimes has this as a condition. There are two reasons why you should require your tenants to have this insurance. If, while repairs are being made to their home, your tenants need to step out, the insurance company will pay for hotel accommodations. Also, the medical bills will be covered by the insurance if one of your tenants gets seriously injured while inside his home/condo/apartment.
Once you have your suite in place and you are adequately insured, it's time to look for a renter. Put up an advertisement for renters iin the event that you don't know anyone personally who wants to rent it. However, be sure to perform background checks; you want to make sure that a renter is going to fit in with your lifestyle if they're living in your basement.
Last, but not least, find out the legalities of being a landlord. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; when problems happen between a tenant and a landlord, it is often because of a misunderstanding about the legal rules by which both parties have to abide. Otherwise, renting out a a room or a suite in your home can be a very good means of providing some reasonably priced accommodation and helping you make your mortgage payments.
The most common problem with suites is that of the legality of having a suite built into a single-family dwelling. Make sure that you're allowed to have a legal suite in your home, by checking out the local bylaws before you build a suite into your current home. Just because a home has a suite built into it doesn't mean that it's been legally done; verify the zoning to make sure it is a legal suite.
Proper additional insurance is required for a home with a suite in it; make sure that you are properly covered when you talk to your insurance provider. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Many renters wrongly assume that you, as the landlord, are responsible for their belongings in the event of a catastrophic event. In fact, their furniture, electronics, clothes, or other personal items are not covered; only the property itself is.
Renter's insurance protects tenants' belongings from these type of events, including theft. This type of insurance can cover them for any liability if someone gets injured in their suite, as well as protect them from all these things.
Renters insurance should be insisted upon by you. The landlord's rental agreement sometimes has this as a condition. There are two reasons why you should require your tenants to have this insurance. If, while repairs are being made to their home, your tenants need to step out, the insurance company will pay for hotel accommodations. Also, the medical bills will be covered by the insurance if one of your tenants gets seriously injured while inside his home/condo/apartment.
Once you have your suite in place and you are adequately insured, it's time to look for a renter. Put up an advertisement for renters iin the event that you don't know anyone personally who wants to rent it. However, be sure to perform background checks; you want to make sure that a renter is going to fit in with your lifestyle if they're living in your basement.
Last, but not least, find out the legalities of being a landlord. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; when problems happen between a tenant and a landlord, it is often because of a misunderstanding about the legal rules by which both parties have to abide. Otherwise, renting out a a room or a suite in your home can be a very good means of providing some reasonably priced accommodation and helping you make your mortgage payments.
About the Author:
Visit New Westminster real estate to learn more about making a good home purchase. If you wish to get more information, you can check the real estate specialist at www.toddconner.com.
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