Have you ever thought about renting out a room or converting a basement into a rental apartment? It's a big decision with many pros and cons to consider.
On the pro side, renting can provide you with additional income. The extra few hundred dollars a month can help you pay down your mortgage, reduce debt, or give you the opportunity to plan a big vacation. Creating rentable living space in your home, such as an "in-law" suite featuring a kitchenette, bedroom and bathroom, may also increase your property's market value.
On the con side, you'll have more costs and responsibilities as a landlord. For instance, you might need to buy extra insurance to cover the rental area. You'll also be responsible for all repairs - even if needed during the middle of the night.
In addition, if you're not careful about the renter you choose, you might end up with a problem tenant. Some tenants are consistently late with payments or don't pay at all. That can be very stressful.
Finally, if you're thinking about renting, be sure to verify local laws and regulations. Many towns have strict rules concerning rental space in a residential property. Those rules can change often, too.
If you have any questions, give me a call or text me. Together we can figure out if renting is right for you.