Mortgage payments, taxes and utilities can all add up. Finding a home that can generate income through rental options has become very popular. There are various ways you can achieve this to pay off your mortgage faster or to buy more real estate. Here are some suggestions:
- Buy a property to rent
- Renovate certain parts of your home that can be rented out (room or basement)
- Buy a property to use as a B&B
- Storage space rental
It doesn’t matter which option you may choose, just make sure that you do a bit of homework before you dive in. Enlist in a real estate team that can help you find the right property to buy. Our Anne Winch Real Estate Team can help you find a property that suits your needs to a “T”. You need the help of a professional team to be on the look-out for the type of property that is in a good location and you know will generate income for you. Here are some ways to increase your income:
Rental Property
- Research any city bylaw requirements and insurance risks
- Check with your real estate team to find a suitable property for rental income
- Get legal advice before you decide to buy any property
- Get advice from your mortgage broker
Accommodation rental
- Decide what part of your home you wish to rent
- Bedrooms with their own bathroom will rent quicker
- Proximity to colleges, universities or downtown core can be more appealing
- Renters may want access to their own entrance
B&B
- Rent several bedrooms that may be available to maximize rental income
- Daily or weekly can be more appealing to some than monthly rent
- Providing breakfast often is more appealing than just a room rental
Storage
- Use your garage or basement for short-term rental to turn a profit
- Outdoor shed as a rental option to store boats or cars
Generating income through real estate can be lucrative but only if you find the property that is in the right location, has rental income potential, and can be easily sold in the future. There are a lot of things to think about when you decide on buying a property for income purposes. Our Anne Winch Real Estate Team have the years of expertise and knowledge in the real estate market to help you find the income property that you desire. Give us a call and let us help you find the property that best suits your needs and your pocketbook.