Renting is the only option many people have when it comes to having a place to stay. Whether it's young adults or families that are just starting out and trying to save money for a down payment, many individuals have rented at some point in their lifetime.
So how can a homeowner benefit from this and also help others?
Many homeowners are looking for ways to make extra money to help them during financially struggling times. An effective solution to solve their problem is to try and turn their house into a multi-complex apartment where they can rent out the basement. Tenants are willing to settle for something less, at a cheaper price.
In this scenario they get to make a little extra money while helping others by not charging over the top rent.
The rent prices in Hamilton have been dramatically increasing over the last couple years while the apartments are most of the times in the same conditions therefore the tenants are not getting much value over the higher rent.
"The cost of rent is quite high and it's starting to be out of reach for a lot of people," said Mike Wood, chair of Hamilton ACORN, who said he's seen some listings for one-bedroom apartments top $1,600."
So why would a homeowner want to charge rent that's below the average? LESS DOWN TIME
While it might be worth it to charge someone that extra 100-200 dollars and get more money out of the property, what happens if your basement apartment isn't getting rented out for a couple of months because the prospective tenants look at it and think it's too expensive?
You're losing thousands. In this case, an easy way to ensure you always have your apartment rented, is to make the rent a little cheaper than the average.
So, don't wait and get your basement renovated. Hire an experienced company that can help you with the legal side and the renovations
and get started!