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10 Tips for Turning Your Home into an Income Property
If you're looking for a way to increase your income, you may need to look no further than your own home. These days, more and more Canadians are turning their homes into income properties. 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. Renting can be a financially rewarding experience, either to provide extra income, or to help pay off a mortgage. So if you're thinking of going the income property route, here are 10 important steps you should take: 1.Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes. 2.Get to know the landlord-tenant relationship regulations in your province. These laws will give you a better understanding of your role and responsibilities as a landlord. http://www.landlordandtenant.org/splash.aspx 3.Inform your insurance company about your plans for renting out space in your home and ask them if you require any additional coverage. 4.Get your home "renter-ready". From a simple change such as a fresh coat of paint to ... more

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