Building A Suite To Help Pay Your Mortgage

Due to the current economic climate many home owners are struggling to pay their mortgages and keep their heads about water, financially

. Many people are buying homes that have independent suites in them or building suites into their homes so that they can have a renter to help pay the mortgage.

There are a number of ways that you can go about using a suite to help you pay your mortgage; you can build a suite into your current home, you can buy a home for the purpose of installing a suite into it, or you can purchase a home with a suite already built into it. The most common problem with suites is that of the legality of having a suite built into a single-family dwelling. Before you built a suite into your current home you will need to check out the local bylaws to make sure that youre allowed to have a legal suite in your home. Likewise, before you buy a home that you want to build a suite in make sure you check to make sure that its allowed. Dont assume that just because a home has a suite built into it that its been legally done; always make sure that the house is zoned so that a suite is legal.

A home with a suite in it will need proper additional insurance; make sure you talk to your insurance provider to make sure that you are properly covered. Your mortgage lender will also likely need to be informed that you have a suite for rent in your home as well.

Once you have your suite in place and you are adequately insured, its time to look for a renter. Some home owners use a rental suite to help out their college-age children live more independently while letting them live more cheaply than having their own apartment would be. Another option like that is to rent your suite to your parents; this is an especially good option if your parents like to travel to warmer climates for part of the year and so dont want to have a house that will stand empty for months at a time. You can also advertise for renters if you dont know anyone who is looking for a suite to rent. You will need to make sure that you do background checks in this case though; you want to make sure that a renter is going to fit in with your lifestyle if theyre living in your basement.

Last, but not least, find out the legalities of being a landlord. Even if your tenant is a family member, you should know your legal rights and responsibilities; many times when there is a problem between a tenant and a landlord it is due to a misunderstanding about the legal rules that both parties have to follow. Otherwise, renting out a suite or even just a room in your home can be a really good way to help you make your mortgage payments and maybe even help out a family member who needs a reasonably priced place to stay.

by: Carlos Montes

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