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How to Sell a Larger Home
Posted on Fri, 15 Apr 2016, 09:45:00 AM  in Home selling tips,  Marketing strategies,  My services
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In the past, potential home buyers were interested in buying larger homes to provide room for families with numerous children. When the economy was better and utility prices were lower, singles and couples were willing in invest in a home with a lot of square footage to showcase their antique furniture and collectibles. Today, with a poor economy and increased costs for electricity and natural gas, people are opting to buy smaller homes. In addition, families typically have fewer children than 50 years ago and numerous bedrooms are no longer required. This means that selling a large property is more of a challenge because there is a smaller customer base looking for spacious homes. 

Renovate a Large Home into Multiple Units
To sell a large home with a lot of land, you will need to make some adjustments to reach a wider customer base that is willing to invest in a property that they can divide into multiple units or share with roommates. First, a homeowner must determine if the home they are living in is in a city that permits sharing with roommates or renovating a property into multiple units. If it is permissible to renovate into multiple units or share a home’s amenities with roommates, then a homeowner should hire a remodeling expert to determine the best way to optimize the space. The expert will need access to detailed blueprints and schematicshome to determine how to renovate the home. 

Sell a Large Home as an Investment 
When a home has multiple levels, it is frequently possible to add interior or exterior staircases to permit entry into an upper or lower floor level. With this method, a homeowner might also need to add doorways, a kitchen or bathrooms to make the space rentable to tenants. An individual who buys this type of property can choose to live on one level and rent the other or rent both levels and live elsewhere. The company that is renovating a large home into multiple units must obtain building permits, and homeowners must cope with inspections from government officials who verify that the remodeling is completed according to safety codes. 

Change the Interior and Exterior 
In addition to making renovations to the inside of the home, a homeowner might need to make changes to the exterior such as providing more parking areas for tenants. It is likely that a homeowner will not be able to live in a home during this type of extensive remodeling project, but if a home has been on the market for a long time, then changing it to a multiple unit property is a good plan. A homeowner can also leave the property as it is but suggest to a real estate agent that they market it as a home that can be renovated to earn an income in addition to providing a place to live. 

Adjusting a Home for Roommates
Alternatively, when a home is on the market for several months and renovators cannot change the building to multiple units, consider making the home more attractive to a single person who is willing to have roommates. To make living with several roommates’ easier, adding full bathrooms to a home is an excellent idea. If the bathrooms are located inside or next to each bedroom, then it is possible to rent out rooms faster. In a kitchen, a homeowner might need to make space for an additional refrigerator or add cabinets for more dishes and glassware. For privacy, a homeowner may want to add doors with key entry locks to each bedroom. 


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Pros/Cons for renting out basement apartment
Tuesday, 10 November 2015, 10:05:00 AM
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While some basements are unfinished and have an almost creepy look, others are completely finished and have a bathroom in the space. When you have a basement that you rarely or seldom use, you might look into renting that space out to tenants in your area. The amount you make can range from $300 to more than $1,000 a month depending on the size of the apartment and the amenities you offer. Before listing your basement as a rental property, you should take a look at the pros and cons of renting your basement.


More Income

One of the biggest pros associated with renting out your basement is that you can make some additional income. You can use that money towards your mortgage to pay off your home loan faster, or you can use the rental income to build up your nest egg. As long as you choose the right tenant, you'll have a guaranteed source of income every month. If you charge a security deposit equal to one month's rent, you will also have money on hand to cover any damages that tenants might do to the space.

Lack of Privacy

While you may make some money off your basement apartment, you need to ask yourself if you can deal with the disruption it might have on your privacy. kitchenEven if you rent to a quiet individual, you may still hear some noises coming from the basement. If your basement does not have a separate entrance, you'll also find yourself dealing with someone who comes and goes through your home at all hours of the day and night. Making some simple changes to the space can prevent your tenants from disrupting your privacy and home life.

May Require Upgrades

Before you can rent your basement or turn that space into an apartment, you need to ensure that this is something you can do in your city. You will generally need to make some investments to bring the basement up to code. Most areas will not legally let you rent out your basement as a one bedroom apartment unless there are finished walls in place and unless the bedroom itself features a closet and at least one window. You may want to add some soundproofing materials to reduce the noises you hear, and you'll also need to add a bathroom and kitchen or some type of kitchenette. Tenants will usually pay more for a basement apartment that has a separate entrance that does not require they go through your house.

Finding Tenants

One disadvantage that some landlords find is with finding tenants for the property. Most landlords do some type of background check that looks into a tenant's criminal past and financial history. This helps you avoid renting to someone who committed multiple crimes or someone who has multiple evictions in the past. If you aren't sure how to do a background check yourself, you can hire a professional tenant screening company to check on anyone who wants to rent your apartment.

Use Wasted Space

When deciding what to do with your basement, ask yourself what you use that space for and how you actually use it. Do you only head downstairs to do laundry or put items in storage? Renting your basement lets you make use of that wasted space. You can even upgrade your basement to keep your laundry room or a storage area separate from your tenant's space. Looking at the clear benefits and some of the possible disadvantages can help you decide whether you should turn your basement into an income generating apartment within your home.

 

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