5 ideas to turn your house into a profitable rental property

Whether you are planning to add a rental suite to your home or purchasing a new principal residence and turning the existing one into a rental property, there are things you need to keep in mind. The prospect of earning additional income from an apartment you have for rent does sound lucrative, but remember, it is no easy money. You should plan things well to ensure that your apartment for rent can be profitable. If you have a house or apartment for rent or if you plan to buy a rental property in Alberta, Here are some ideas to help you succeed in your pursuit.

1.     Adding A Rental Suite

The easiest way to start earning income from your property is by adding a rental suite to it. If you already have a basement suite, it makes things even easier. You will need minimal renovation to get it tenant-ready. However, if you don’t have a suite ready, you can consider getting your garage converted into a rental suite or build a separate structure if resources and authorities permit. When investing in a rental property, you should make sure that the expected returns should outweigh the costs. It is best to seek advice from professionals that are expert in managing houses for rent in Calgary.

2.     Buying another property

If you think your current home can fetch you good rental income and you can afford another home, go for it. However, it is a huge decision and should be taken only after consulting experts. There are few things to bear in mind. First and foremost, ensure that the down payment for your new home is at least 5 percent and should come from your savings. You should also make accommodation for ongoing repair and maintenance costs and for time periods when your apartment rental is lying vacant. After taking all costs and expected returns into account, if it still seems profitable, start your home or apartment search.

3.     Don’t Skimp

Too many homes for rent keep lying vacant for long periods because they fail to attract tenants. If you are building a rental suite, it should be as good as your own home. Trying to cut corners such as installing poor quality cabinetry or skipping the insulation can lead to high turnover. Create a happy and efficient space that commands a good price.

4.     Invest In Value-Adds

Once your basics are in place, a bathroom, kitchen, and a bedroom, you should consider adding some amenities that can increase your income. Some common amenities such as a washer and a dryer, dishwasher or a parking space can greatly enhance the value of your apartment rental. Something as basic as a bathtub can help you fetch a higher rent for the property. For every added amenity, you can charge extra.

5.     Go Green

Invest in energy efficient utilities and charge a premium for that. Tenants would not mind paying a little extra rent if they can save on their monthly utility bills. If you are including dishwashers or washers and dryers in your houses for rent, go for the ones with a higher energy star rating. Even small things such as low flow faucets can add value to your apartment rental.

Whether you are planning to buy a new home or turn your existing home into a rental property, get in touch with our experts. We will help you through the process and make sure that you enjoy the best return on your investment. 

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