Building a suite to help pay off your mortgage

Due to the current economic climate, many homeowners struggle to pay off their mortgage loans and keep their heads on the water financially. Many people buy houses that have independent suites in them or build suites in their homes so they can have a tenant to help them pay off the mortgage.

There are several ways to use a suite to help you pay off your mortgage; You can build a suite in your current home, you can buy a house for the purpose of installing a suite in it, or you can buy a house with an already built-in suite. The most common problem with suites is the legality of having a package integrated into a detached house. Before you build a suite in your current home, you must review local bylaws to make sure you are allowed to have a legal package in your home. Similarly, make sure it is allowed before you buy a house where you want to build a suite. Don't assume that just because a house has a built-in suite is done legally; Always make sure the house is divided into zones so that a suite is legal.

A house with a suite needs adequate additional insurance; Be sure to talk to your insurance provider to make sure it is properly covered. Your mortgage lender may also be informed that you also have a suite for rent in your home.

Once you have your suite in place and adequately insured, it's time to look for a tenant. Some homeowners use a rental suite to help their college-aged children live more independently while allowing them to live cheaper than it would be to have their own apartment. Another option like it is to rent your suite to your parents; This is a particularly good option if your parents like to travel to warmer climates for part of the year and therefore do not want to have a house that stays empty for months. You can also advertise for renters if you don't know anyone looking for a suite for rent. However, you need to make sure to perform background checks in this case; You want to be sure a tenant will fit your lifestyle if you live in your basement.

Last but not least, discover the legality of owning. Even if your tenant is a family member, you need to know your legal rights and responsibilities; Many times, when there is a problem between a tenant and a landlord, it is due to a misunderstanding of the legal rules that both parties must follow. Otherwise, renting a tux rental or even just one room in your home can be a very good way to help you make your mortgage payments and maybe even help a family member who needs a reasonable place to stay.