If you currently own a home and are thinking about using your basement or condo as means of generating some extra income, you are not alone. According recent statistics about 1 in 20 Canadian households own some form of income property. The perks of leasing a property can far outweigh the negatives, if done properly.
Before you decide to post an ad on Kijiji or contact a real estate agent, it is very important to understand what leasing a portion of your property may entail. This quick list will get your property rental-ready in no time.
- Fire and Carbon monoxide poisoning prevention Ontario law requires all homes to have a working smoke and carbon monoxide detector and it is your responsibly as a Landlord to ensure that your property is equipped with these essential products. Make sure you hire a licensed contractor to install the detectors if you are not confident in your ability to do so on your own. This may cost you a few dollars but it will protect your tenants from harm and will absolve you of any responsibility for damages that may occur from fire or carbon monoxide poisoning.
- Plumbing If you are leasing a property which requires use of a basement, you will want to take an extra step to find a reputable plumbing company that can assess your home and determine if it is at risk of experiencing water or sewage damage. Repairing damage caused by flooding can be incredibly expensive and in this case it is always better to be safe than sorry.
- Electrical Have you ever walked in to a room and noticed that the lights are flickering or that the on switch actually turns off the lights? Not only are these electrical issues annoying, but they pose safety hazards as well. No one wants to live in a home with unpleasant lighting, so do not subject your tenants to such conditions. Electricians can install attractive and high efficiency lighting to suit your style and budget.
- Mold and Asbestos Removal
Most homes, new or old will likely have instances of mold build up due to moisture or poorly ventilated spaces. Although a little mold in a bathroom can easily be removed through regular cleaning methods, there are instances in which mold contamination requires professional removal. Attempting to clean large areas of mold with bleach is ineffective and can be dangerous.
Exposure to Asbestos is also very dangerous and has been known to cause lung cancer, mesothelioma and many other health problems. Various companies offer testing for asbestos within your home. If you plan to do any type of renovations on your income property, Health Canada highly recommends you research the ways in which you can lower human exposure to the harmful chemical.
- Add some Pizazz A beautifully designed space with eye-catching features will convince potential tenants to put your income property at the top of their list. Find a competent contractor that can help you transform your property. By adding shiny new faucets, trendy artwork that can be found at IKEA and installing crisp white baseboards you can create a space that adds value and also feels like home.