Buyers frequently ask me if they should finish or renovate their basements and rent them. The idea is fabulous, as long as they finish it to code (i.e. separate entrance, windows in bedrooms, proper ventilation, smoke detectors, etc.)
Turning your basement into a rental property will get you financially ahead, it will help you pay for your mortgage and you can generate extra income for your retirement.
Before you decide to rent make sure your house meets all the regulations regarding the safety and welfare of your tenants. If possible, hire an inspector to give you a report on the state of your home. This report will serve you if there is a dispute in the future. When someone shows interest in renting your property have them complete a rental application and ask them to provide a credit report and proof of income.
Call me to discuss. I promise to help your real estate dreams come true.
Wishing you a month (and life) full of love. Happy Valentine’s Day!