Turning a single-family house into a rental property is one of the many ways you can get into real estate investing. This can provide a better return on investment than traditional real estate investing. If you have questions, we can assess your own situation during a quick (and free!) consultation. Book yours today here: {ADD LINK}
Here's what you should consider before deciding to rent out a house:
You Should Be Adding To Your Income
While the initial investment of turning a home into apartments would be hefty, turning a single-family home into apartments is often a first investment opportunity for homeowners that can live in one of the units while renting out the others.
You Could Use Your Own Home
One of the biggest draws to turning a house into a rental property is the opportunity to increase your wealth. By taking the home from a single-family home to a multi-residential one, you are opening the door to more renters, more income, and a steadier stream of income in the long run. Diversifying your portfolio is almost always a smart idea, and this would be a great way to achieve that.
This Is A Good Backup Plan For Bad Markets
If your house has been on the market for a while and isn't selling, you can consider renting it out for a set amount of time to try to re-sell on a better market. You would be making money by waiting it out instead of letting it sit empty. Find out what happens when you want to sell your rental property here.
Now to the negative aspects of turning a house into apartments.
The Investment Could Be Hefty
The cost of turning a house into more than one living area could be high. Make sure to turn to the experts before you do this! You’ll want to know what the change will do to your selling price, how much to expect in rent, and the possibility of the property renting versus staying empty.
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The expenses of owning a rental property can add up. You should think about how much it would cost to maintain and insure, as well as the cost of inspections, pest control, and other unexpected costs. While some of these expenses can be tax deductions, they can still carry a hefty price tag upfront.
Risks with renting
There are some risks when renting. You may decide to rent, budget for it, and then get less than you expected off rent each month. There is also the risk of bad tenants. Ontario is not always the most straightforward place to be a landlord.
Despite these risks, Ontario needs more units, and there are some great reasons to rent out your house as a rental property. If you want to speak to an investment expert, visit https://www.regalwayhomes.com/services to book a consultation.