These days, people often pay part of their mortgage by renting a part of their home. In fact, many people build suites into their homes or buy homes that have independent suites in them, so they have a renter to help pay the mortgage.
Having a suite built into a single-family dwelling sometimes causes legal problems. Make sure that you're allowed to have a legal suite in your home, by checking out the local bylaws before you build a suite into your current home. And don't assume that just because a home has a suite built into it that it's 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. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Quite wrongly, many renters assume that the landlord is responsible for their belongings in a catastrophic event. Conversely, only the property itself is covered, not their personal items, furniture, electronics, or clothes.
Tenants should get renter's insurance to protect their belongings from these type of events, including theft. This type of insurance can protect them from all these things, in addition it can cover them for any liability if someone gets injured in their suite.
Insist that your renters have renters insurance. Some landlords make this a condition of their rental agreement. You should require your tenants to have this insurance for two reasons. The insurance company will provide them with money for hotel accommodations if your tenants need to step out while repairs are being made to their home. Finally, the insurance will cover the medical bills as well if a tenant is seriously injured while inside his home/condo/apartment.
Start looking for a renter after your suite is in place and you have adequate insurance. If you don't know anyone who is looking for a suite to rent, you can advertise for renters. However, be sure to perform background checks; be sure that a renter living in your basement is going to fit in with your lifestyle.
Finding out the legalities of being a landlord is another important step. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; 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.
Having a suite built into a single-family dwelling sometimes causes legal problems. Make sure that you're allowed to have a legal suite in your home, by checking out the local bylaws before you build a suite into your current home. And don't assume that just because a home has a suite built into it that it's 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. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Quite wrongly, many renters assume that the landlord is responsible for their belongings in a catastrophic event. Conversely, only the property itself is covered, not their personal items, furniture, electronics, or clothes.
Tenants should get renter's insurance to protect their belongings from these type of events, including theft. This type of insurance can protect them from all these things, in addition it can cover them for any liability if someone gets injured in their suite.
Insist that your renters have renters insurance. Some landlords make this a condition of their rental agreement. You should require your tenants to have this insurance for two reasons. The insurance company will provide them with money for hotel accommodations if your tenants need to step out while repairs are being made to their home. Finally, the insurance will cover the medical bills as well if a tenant is seriously injured while inside his home/condo/apartment.
Start looking for a renter after your suite is in place and you have adequate insurance. If you don't know anyone who is looking for a suite to rent, you can advertise for renters. However, be sure to perform background checks; be sure that a renter living in your basement is going to fit in with your lifestyle.
Finding out the legalities of being a landlord is another important step. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; 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.
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