Your Rental Suite And Renters Insurance
These days, it is getting more common for people to rent a part of their home to help pay their mortgage. In fact, many people are buying homes that have independent suites in them or they are building suites into their homes so that they can have a renter to help pay the mortgage.
The legality of having a suite built into a single-family dwelling is the most common problem with suites. Check out the local bylaws before you build a suite into your current home, to make sure you're allowed to have a legal suite in your home. And don't assume that just because a home has a suite built into it that it's been legally done; always make sure that the house is zoned so that a suite is legal.
Proper additional insurance is required for a home with a suite in it; make sure you talk to your insurance provider to make sure that you are properly covered. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Quite wrongly, many renters assume that the landlord is responsible for their belongings in a catastrophic event. Not true, only the actual property will be covered, not their furniture, electronics, clothes, or other personal items.
To protect their belongings from these type of events, including theft, tenants should get renter's insurance. This type of insurance can cover them for any liability if someone gets injured in their suite, as well as protect them from all these things.
In fact, you should insist that your renters purchase renters insurance. Sometimes this is a condition of the landlord's rental agreement. Your tenants should be required to have this insurance for a couple of reasons. The insurance company will provide them with money for hotel accommodations if your tenants need to step out while repairs are being made to their home. And finally, should one of your tenants gets seriously injured while inside his home/condo/apartment, the insurance will cover the medical bills as well.
Once you have your suite in place and you are adequately insured, it's time to look for a renter. Put up an advertisement for renters iin the event that you don't know anyone personally who wants to rent it. You will need to make sure that you do background checks in this case though; if they're living in your basement, you want to make sure that a renter is going to fit in with your lifestyle.
Finding out the legalities of being a landlord is another important step. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; many times when there is a problem between a tenant and a landlord it is due to a misunderstanding about the legal rules that both parties have to follow. Otherwise, renting out a suite or even just a room in your home can be a really good way to help you make your mortgage payments and maybe even help out a family member who needs a reasonably priced place to stay.
The legality of having a suite built into a single-family dwelling is the most common problem with suites. Check out the local bylaws before you build a suite into your current home, to make sure you're allowed to have a legal suite in your home. And don't assume that just because a home has a suite built into it that it's been legally done; always make sure that the house is zoned so that a suite is legal.
Proper additional insurance is required for a home with a suite in it; make sure you talk to your insurance provider to make sure that you are properly covered. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
Renter's Insurance
Quite wrongly, many renters assume that the landlord is responsible for their belongings in a catastrophic event. Not true, only the actual property will be covered, not their furniture, electronics, clothes, or other personal items.
To protect their belongings from these type of events, including theft, tenants should get renter's insurance. This type of insurance can cover them for any liability if someone gets injured in their suite, as well as protect them from all these things.
In fact, you should insist that your renters purchase renters insurance. Sometimes this is a condition of the landlord's rental agreement. Your tenants should be required to have this insurance for a couple of reasons. The insurance company will provide them with money for hotel accommodations if your tenants need to step out while repairs are being made to their home. And finally, should one of your tenants gets seriously injured while inside his home/condo/apartment, the insurance will cover the medical bills as well.
Once you have your suite in place and you are adequately insured, it's time to look for a renter. Put up an advertisement for renters iin the event that you don't know anyone personally who wants to rent it. You will need to make sure that you do background checks in this case though; if they're living in your basement, you want to make sure that a renter is going to fit in with your lifestyle.
Finding out the legalities of being a landlord is another important step. Even if a family member is your tenant, your legal rights and responsibilities should be understood by you; many times when there is a problem between a tenant and a landlord it is due to a misunderstanding about the legal rules that both parties have to follow. Otherwise, renting out a suite or even just a room in your home can be a really good way to help you make your mortgage payments and maybe even help out a family member who needs a reasonably priced place to stay.
About the Author:
Visit New Westminster real estate to learn more about making a good home purchase. If you wish to get more information, you can check the real estate specialist at www.toddconner.com.
