How to Decide if Renting Out a Laneway House in Vancouver Works For You
There’s no denying that Vancouver is an expensive place to live and many families find that rental income helps make it affordable to live in the city. If you’re thinking about becoming a landlord, take the time to consider the pros and cons before you take action. As a start, before you rent out your basement or laneway house Vancouver real estate experts suggest that think about the following five questions.
#1: Are you legally allowed to have renters on your property?
Before you even begin thinking about the pros and cons of renting out a basement or laneway house Vancouver homeowners must determine if it’s legally possible to host a renter. Vancouver authorities, for example, recently decided that homeowners may rent their main home out as a short-term rental but can’t do the same with basement and laneway units. Find out if you’re required to obtain a permit before you list your basement or laneway for lease.
#2: Are you prepared for a loss of privacy?
Are you ready to share your living space with a stranger? Would the presence of an unrelated person alter the way that your family life? A loss of privacy can be especially challenging when you have children who will need to change their routine to respect the needs of a tenant.
#3: How much rental income can you reasonably expect each month?
You can get a decent estimate of your rental income by scanning online rental advertisements in your neighborhood. Keep in mind that you’ll need to price your property right if you want to secure a tenant. Make sure that you think about whether the approximate amount of money that you can expect from renting your laneway house exceeds the hassles that come with leasing space in your home.
#4: Will you roll out the welcome mat for pets?
How do you feel about pets living in your rental space? It’s a good idea to include a refundable pet damage deposit with the rental contract if you will welcome pets. Make sure that a potential tenant knows about your pets to avoid any surprise meetings between your tenant and your dog.
#5: How will you screen prospective tenants?
We’ve all seen the movies where a nightmare tenant moves in and proceeds to terrorize the homeowner. You can minimize the chance that you’ll become the victim of a terrible tenant by investing in a proper background check. Put together a background screening policy and stick to it no matter how much you feel like you click with a potential tenant during the interview. Lastly, make renting your basement or laneway house in Vancouver a happy experience by taking the time to fully explore becoming a landlord. Contact us at Silvercrest Custom Homes and Renovations for help in preparing a basement or laneway rental space.
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