Value From your Home

By: John Mejia

Many home owners are interested in learning how to increase the value of their homes when considering selling them. True to form there are as many different ways to do this as there are people who have asked the question. One fantastic way to do this, however; is to install an income suite or in-law suite in the home. This bring a lot of choice to the table for a new home owner as they can get some help with the bills by renting the suite out or having family live there. Also this move makes a home very attractive to real estate investors who are always looking for dual income properties.

If you have a decent portion of unused space in your home such as an unfinished basement or even a finished one that does not get used much anymore then you have the ideal space for an income suite.

Start by making some plans for what you would like tom incorporate into the suite. How many bedrooms will there be? Where will tenants access the suite from and where should the kitchen be located. Unless your home is massive then you will likely be looking at the typical 1 or 2 bedroom plus den & kitchen suite. Also think about whether or not you are going to give tenants access to the laundry facilities and if so then how will they access them? You must also find a solid estimate of the costs involved and how that will affect your asking price for the home. If the costs outweigh the benefits then it may not be a feasible idea. Also, think about how much the new owner will be able to ask for the suite. This will be an important number to an investor.

If you choose to go ahead with the suite then make sure that you are able to make the addition without breaking any permits or regulation from the area in which your live. Also be sure that you have enough money banked to take care of the renovations and still keep yourself afloat while they are completed and while the home is listed. Income suites are one thing that many of the top real estate investors spend a lot of time looking for when searching out new properties in which to invest. Installing a suite is a great way to open your home up to buyers who would normally overlook it.

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