Looking to make a profit from extra space in your home? Scott McGillivray, renovator and host of Income Property on At Home with Family Handyman, shares his tips on what to consider when you’re thinking about it.
Check Your Local By-Laws
What are the legalities surrounding rental properties in the area? Can you legally create multiple units in a home?
Look for Natural Divisibility in a Home
Are there separate entrances for separate levels? Is there access to a basement? This makes it easier to begin the conversion to multiple units.
Get Multiple Estimates
Do your homework to have the work done legally and create a rental space you can be proud of.
Do the Math!
Look at comparable rentals in the area and make sure your investment will generate a desired/profitable return.
Plan it Out
Plan a design that adds to the overall value of the home.
Source: familyhandyman.com©
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