The Value of A Secondary Suite

A great way to make money out of an investment property or a recreational property is to rent it out. The rental market is big in Calgary, because many people seek temporary residence here before buying. Calgary also has a massive student population, many of which need spaces to rent for the school year and summertime. This means that if you have a nice property, you can easily make money that will help you repay what you spent on the space.

Secondary suites will add tremendous value to your property should you sell one day, and are a fantastic way to help pay off your mortgage faster. There are many rules and regulations you need to be aware of if you want to rent out a legal suite, so make sure you do some research!

It is easy enough to find renters, but how do you find good renters? It is important to remember that when people come see your property, you aren’t just showing them your space in hopes they will like it. You are interviewing potential renters. Here are some of the top 5 questions you should be asking:

1). Why are you moving? || If their answer is that they were kicked out of their old place, be cautious. Look for legitimate reasons, such as a new job or stage of life.

2). Will you have first month’s rent and the security deposit available upon move in? || This is crucial. If they cannot afford the property, chances are it will become an ongoing issue.

3). Can you provide references from a former landlord or employer? || What other people in authority positions have to say about a potential renter’s accountability will speak volumes.

4). Do you have any pets? || If you have a no-pet policy and they have pets, don’t waste time even setting up a visit. If you are allowing pets, it is wise to understand what type of animal and how many of them will be joining the renters.

5). Do you have any questions? || Open the floor up for discussion. You will learn a lot about them from what they ask!

Good luck!

Your Real Estate Professional,

Ken Richter

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