Tips on How to Use Your Home as an Income Property

An income property is a home that is bought or developed in order to generate income, typically by renting it out in part or in its entirety. Using your home as an income property can be a financially rewarding experience, either to provide extra income, or to help you pay off your mortgage.

Before taking action it is important to understand some of the key points involved in using your home as an income property.

Some things to consider before you start

1.Check the Municipal regulations – are you legally permitted to turn your home into an income property? Would the unit adhere to all existing building and fire codes?

2.Financial considerations - does your home require renovations to make it tenant ready? If yes, do you require financing? Has your bank pre- approved you for a loan?

3.Legal Considerations - make sure you understand the landlord – tenant relationship regulations in your province. This will have a great impact on what you can and cannot do as a landlord.

After your initial research, there are a few things you can do to make your property more attractive to potential tenants.

1.Your home should look clean and tidy inside and out. This will bring more renters through your property and you will have a more receptive audience

2.Update your home if necessary. From simple changes such as fresh paint in a neutral color to major renovations, try and make your home look and feel as spacious, bright and comfortable as possible.

When you’re ready to rent, price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are being listed for. You can also ask your Royal LePage agent for pricing advice or to help you find the right tenants through a listing

"Not Your Average JO"

Screen Door Décor

Screen doors let the breeze in and keep the bugs out. They open your home to the sounds and scents of summer, and help cool your house without wasting energy on air conditioning. Want to let in a little more summer this year? Here’s what you need to know about picking the perfect door.
Screen doors have come a long way from the hard-to-open metal models and flapping wood doors of your childhood. Available in metal, vinyl or wood, many feature smooth hydraulic or pneumatic closers and springs or chain stops that keep them from slamming shut or swinging open. Designed for both practicality and curb appeal, doors are available in a wide variety of colours, styles and finishes. Your choices include:

1. Basic vinyl or aluminum. Durable and affordable, these doors come in a surprising variety of attractive styles; you’ll find everything from traditional designs to art deco-inspired geometrics.
2. Storm/screen door combo. Traditionally, people replace the screen door with a storm door in the winter. A combination door makes the “swap” easier; simply remove or slide the glass down in summer and replace it with a screen.
3. Wood. From rustic doors featuring carved animals to pretty “granny doors,” wood can really add to the look of your home. However, winter cold and damp can be hard on them, so manufacturers suggest that you take them down when it gets cold to prevent warping.
4. Sliding. Inexpensive and easy to maintain, sliding screen doors that go with patio doors make it easy to open up your home to a fresh breeze.
5. Retractable screens. If you don’t like the look of a screen door, these are a great option, and are available at your local home improvement store. Screens pull out from the sides and lock shut with a magnetic catch. Handy homeowners will be able to install them with little effort.

With the right screen door for your home, comfort and curb appeal are a breeze!

Tips for installation
Thinking about installing your screen door yourself? Manufacturers include installation instructions that only require hand tools, but most DIY resources suggest an intermediate level of “handiness.” If that doesn’t sound like you, consider using an experienced carpenter or the store’s installation service.
Condo Cool
You don’t have to live in a house to kick back and enjoy the breeze. Welcome summer into your space by installing a screen door to your balcony. It’s a great way to make your indoor and outdoor spaces feel unified and to make your condo feel more spacious.

"Not Your Average JO"