In looking for properties to purchase, many smart investors seek out multi-income properties. This does not have to be something as extreme, merely a duplex or a home with an additional income suite fit the bill. If you have the appropriate room in your home then adding a suite is a great way to expand your potential buyers and increase the value of your home. Adding a suite is not too hard either if you have the know how and cash to pay for the renovations.
Time is the largest investment in creating a new suite. Let's say you have an unfinished basement that you are considering renovating. If the area already has the electric system roughed in (which an unfinished basement should) then that is one major concern already taken care of. Next, make sure that the plumbing in your home can cope with the extra load, furthermore, find out which area of the basement is closest to the existing plumbing lines. This will make the installation of the bathroom and kitchen plumbing easier and cheaper. A major decision that you will have to make is regarding rooms. If the basement is just one large room, you will have to choose whether or not you want to put up walls to create a bedroom or two. It can be worth the expense as multi-bedroom suites rent for a higher rate than one bedrooms or bachelor suites. Another thing that will have to be decided is whether or not to allow renters access to the laundry facilities in your home. If so, there will need to be an entrance to the laundry room or to the house proper.
Once these choices have been made it is time to move along to the actual building and decorating of the suite. Unless you are an experienced builder yourself, it's a good idea to leave the construction to a professional. Let them handle the building while you make sure that you have everything you need to complete the project. Installing all new fixtures and appliances will go a long way to helping the suite to pay for itself in the long term. Keep in mind that you don't have to install top of the line equipment, just things that are in perfect working order.
This can be a highly lucrative project if it is done properly. It is well worth the time taken during the planning stage to ensure that everything is done right. Finally, be careful in who you select as your tenants, they will be living right below you.
David Ellis is a realtor specializing in <a href="http://www.davidellisrealtor.com/">St. George, UT real estate</a>. David's dedication to customer service and knowledge of the <a href="http://www.davidellisrealtor.com/">Southern Utah real estate</a> market that makes him the smart choice when thinking about a move to Utah. Contact David today for information on the growing home market in Utah or visit online at www.davidellisrealtor.com
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