Have you ever considered installing an income suite in your home? More homeowners are realizing just how great it can be for generating additional income. Whether you have a basement, separate apartment space, or spare room, with a few renovations, you can create the perfect space that can provide you with extra income each month.
Consider these tips to help create that income suite in your Ottawa home.
Figure Out the Essentials
It’s important to assess your living space and where might be the best place to create your extra suite. You need to figure out all of the essentials that will be necessary. To be up to code, a separate entrance will be required, as will a separate bathroom and kitchen. These are other requirements will determine the layout and renovation requirements for the space. Take some time to assess the space you have and what is most practical for both you and your prospective tenant.
Learn About Laws and Regulations
In addition to mapping out where and how you can create your income suite, it’s imperative to learn about the laws and regulations that are required when creating this kind of space. Factors such as permits, fire safety, and exits must be incorporated into your layout.
Invest In Areas That Count
When constructing certain areas, such as the bathroom or kitchen, always invest your money in areas that really count. The bathroom fixtures, toilet, and tub, along with the kitchen amenities and appliances, are what count and what prospective tenants will notice. Plus, it will benefit you and the value of your property in the future.Other design features like expensive carpeting or curtains don’t have to be extravagant. Focus on cost-effectiveness and durable.
Stay Neutral With The Design
When it comes to deciding on paint for the walls, and styles for the layout and furniture, try to stay neutral. Neutral colours on the walls are usually best since you can alter the décor without having to worry about colour. And when deciding on furniture and other décor items, again, keep it simple and choose items that will make the space look new and clean.
Don’t Go Over Budget
It can be easy to go way over budget once you get into the depths of renovating. So it’s best to have a budget to provide some limitation. It’s usually recommended not to spend over two years of rent on the renovation process.
With a few renovations and the right space, you can create an area that can generate extra income for you and put that empty space to good use.