Do Your Research
Before you do anything, become familiar with the landlord-tenant legislation rules and make sure your suite is legal. Research your local municipal bylaws, including guidelines and standards for fire and building safety. Additionally, municipal bylaws cover issues like zoning and permits. The Canada Housing Mortgage and Housing Corp. has a useful website with a number of helpful links.
Renting a suite, especially a basement suite, might require you to roll up your sleeves and put in some work. For your basement to become a rental space, it’ll need additional insulation, carpeting, wiring, a kitchen and a bathroom.
Once you’ve done with the nitty gritty work and have transformed your once empty basement into a lovely livable space, you’ll need to find tenants. So, you’ll need to advertise. The best places to advertise are:
What to advertise
Once you have a tenant
If something such as a fire were to happen, the insurance company could say they were not informed of the tenant and that the policy is voided.
Having a rental suite means you’ll have to claim that rental income on your tax return. Plus, a portion of the capital gain when selling could be deemed taxable.
For more information about buying a rental property, call Charles at 604-441-7149.