Finding an apartment is no easy task especially in a big city. How far can landlords go to make an extra buck and provide supply for such a high level of demand?
When searching for an apartment for rent, there are practically endless possibilities, in terms of living arrangements.You can go through a big management company with several buildings portable toilet rental, opt for a live-out landlord who only looks after his own investment, or even choose a slightly less conventional option.Sometimes, the more off-beat the choice, the bigger your savings but alternative decisions to traditional apartment living can come with drawbacks and well as perks.In recent years, some landlords have expanded their definition to apartment to include basement and attic set ups.Many landlords and run-of-the-mill home owners who have an extra room or floor in their house, whether its a guest house, attic, basement, or in-law suite, are considering the possibility of making a little extra money by renting these spaces out.This tactic can definitely defray the cost of a mortgage, and because the landlord lives in such close proximity to the renter, lasting dilemmas are eliminated.Still, there are a few things to think about when wondering about the benefits of getting into basement renting and the like.The zoning laws of a neighborhood or city can determine whether or not renting out a basement is a viable option.Although there are some regions that do not have limitations of renting your extra space, there are some areas that consider the renting out of these secondary spaces illegal.There are several things determined by these sort of zoning laws, including number of households per home, units per land, even how much you need to run by your homeowners association. When considering whether or not to rent out your extra space, you first need to determine whether or not that space is up to code across the board.As the landowner, it is your legal responsibility to be diligent about these standards.Housing codes for rentals will differ from region to region, just as with zoning laws, and if broken they can lead to serious penalties for the landowner.Before moving ahead with renting out your extra space or floor, you need to consider whether or not it is actually a livable space.If the extra room or floor does not seem desirable to you, it will not likely be so to another renter.
Be sure to be honest in considering whether you yourself would actually like to live there, and if so how much you would be willing to pay? Above all else, question yourself about whether you have the time and ability to take on the additional responsibilities of a landlord. Keep in mind that as such, it will be your job to tend to repairs and be available 24/7 for your renters sake. If this doesnt give you cold feet, and you feel that you could make do with another household residing in such close proximity to yours, then who knows? Maybe renting out your basement and becoming a landlord is just the thing for you!