3 Tips For Buying A House With Income Potential
Buying a home gives you a consistent monthly payment with a mortgage. You may look forward to leaving the rental world where annual rent increases are common. However, as a homeowner, you may want more than living in a house that you own with your family. A great option is generating income from your property by prioritizing features with income potential.
Detached Suite
A detached suite will give you a reliable way to make money with the home you buy. The suite can function as a full-time rental or vacation rental depending on where you live. A vacation rental is worth buying while living in a major city, college town, or vacation destination.
You should demand this feature when you are interested in maintaining privacy for your family. The suite being separate from the house means you will not share walls with anyone. This works both ways because your family and your tenants or guests can make noise freely.
Basement
Midwest and Northeast homes often have basements. You can generate income with a basement in the same way as a detached suite by renting it out to people. While shopping for homes, you will find both finished and unfinished basements. Finished ones might be ready to rent out right away, but they must meet the requirements to be considered legal rental property.
An unfinished basement is worth getting because you can put time and effort into creating a profitable rental. For instance, you can prioritize making a small, two-bedroom apartment over a studio or one-bedroom place because the two bedrooms will fetch a higher rental rate.
A dedicated rental requires an outside entrance to the basement unit. So you should analyze property listings and demand ones with enough room to add one without much trouble.
Duplex
One of the fastest and easiest ways to generate income as a homeowner is by buying a duplex. A duplex gives you two units that are often side-by-side. This means that you will likely share a front yard, front porch, and backyard with your neighbor. However, you may love the flexibility you get with a duplex because you can choose which side to live on with your family.
Buying a house that satisfies your family is enough of a challenge on its own. Finding a home that also has solid income potential is a tough task that you can accomplish with these tips.
For more information, contact a real estate agency like Whitson Realty.
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