For new homeowners especially, the idea of renting out a part of your home to offset the mortgage payments is incredibly appealing. In a market that is unaffordable for the average young couple, it seems like a potential way to get into the market when your budget isn’t huge. While becoming a landlord does come with a lot of extra responsibilities, the payoff can ultimately be worth it.
Here’s a few reasons to consider converting part of your home into an income suite:
It’s a second source of income. This is the main reason most people consider this option. Having a rental suite in your home gives you a guaranteed income every month that you can put on your mortgage payment, making homeownership much more affordable.
Making use of a space you rarely use. There’s an obvious benefit to having someone live in an area of your home you would otherwise ignore. Rather than leaving the space empty to give way to age and lack of care, having someone live there means you’ll have an active reason to take care of the space and ensure upkeep on your entire home is maintained.
Contributing affordable home options to crowded cities. Finding an affordable place to live isn’t always easy, especially for young people moving to big, expensive cities. While your basement could sit empty, wasting away, why not use that space to give someone an affordable roof over their head? Basement apartments are the most affordable rental units available, and there can never be too many.
Increases the value of your home. While you could leave that basement unfinished, renovating it into a fully functional apartment will pay off in the long run—not just because it will become a viable source of income while you’re living there, but when you want to sell, this fully finished unit will increase the overall property value of your home.
