After living in rentals for a long time, you may look forward to the prospect of owning a home. But, you may not want to take on such a long-term commitment in your current financial situation. Even if you are making more than enough money to afford a home, you may want to generate additional income and a great way to make this happen is by managing a rental.
When you look at homes for sale, you should look for things that will make renting a possibility:
An excellent way to start earning income shortly after buying and moving into a home is getting a finished basement. It is important not to pick any finished basement because a long-term rental needs certain features such as a kitchen and bathroom. A studio is perfectly fine, but you may want to look for basements with two or three bedrooms to maximize your income potential.
Another option is to use the finished basement for vacation rentals. For instance, it may have one or two bedrooms but no kitchen, so you can rent out each room to different guests. This will require you that you share the kitchen and possibly the bathrooms on the main living floor.
Another space that you can turn into a rental is a secondary suite. If it is fully equipped, you can make it a long-term rental so that you do not have to invest in routine preparation for new visitors. If you want to still want to have a decent amount while managing a rental, you should prioritize properties with secondary suites that are somewhat far away from the house itself.
The bare minimum that you should look for in a house is extra bedrooms. If you know that you need three bedrooms, finding a property with four or five bedrooms will allow you to rent out one or two rooms. You will either need to take on roommates and share the house with them or use these bedrooms as a vacation rental that you make available whenever you desire.
It is hard to beat the flexibility that you get by choosing to run and manage a vacation rental because you can stop taking reservations at any time.
Whether you are interested in running a short-term or long-term rental, you should think about your budget, desired lifestyle, and these features to help you purchase a home.Share