Being a homeowner can be tough at times. Especially if you're a first time Kingston or Edmonton homes owner. You have to pay all your bills on time, maintain the property like mowing the lawn and cleaning the eaves on a regular basis, and take care of any necessary repairs or renovations that your home needs. Being an owner of a piece of Kingston or Etobicoke real estate can also be expensive. There are a lot of costs associated with owning your own home.
Which is why some homeowners decide to rent out an extra room in their home. Or to rent out the basement of their Kingston or Spokane WA real estate property. Whichever option is available to them. It's a common practice that happens a lot. There is the benefit of bringing in extra income to your home or having an extra body around the house if the home is empty. It is something you need to be careful about though. Renting your basement requires you to be aware of the laws out there when it comes to renting your Kingston or Cornell Markham basement out.
The laws you have to worry about the most are regarding safety. To become a landlord and rent out your basement you must meet safety and fire regulations. What are those regulations? Well, the basement apartment suite that you'll be renting out has to be a minimum of seven feet high. It must come equipped with a kitchen and washroom. Ventilation like a window that opens has to be in place. Also, natural light must be coming in to the suite. There also has to be a separate exterior exit in case of a fire emergency. If you meet all those safety regulations you can begin the process of renting out your basement.
If not, you'll have to draw up some house plans, apply for a building permit and start renovating to meet those regulations. Don't think you can get away with not meeting the fire regulations because if you get caught it can result in a fine of up to $25,000.
As a potential landlord also be aware of the Tenant Protection Act. This law gives you the ability to evict a tenant quicker than you normally could. It also lets you raise the rent after your current tenant moves out. These are just some things you should be aware if you're thinking about renting out the basement of your Kingston home. | 