Creating Passive Income
With the rising cost of living, there’s never been a better time to invest in your current property. Create a passive income stream through long or short term rentals and increase the overall value of your real estate investment by maximizing the use of your space.
Making Use of Unused Space
Whether it’s converting unused basement, attic or garage space or building in a laneway or part of your yard, investing in an Accessory Dwelling Unit is a smart move. If you’re purchasing your first home or seeking to boost your income, the returns from transforming an underutilized area can help lower your mortgage payments or cover other expenses.
Income Options
When it comes to increasing your passive income, there are numerous options. Transform that basement into a one or two bedroom apartment, create a studio apartment for a student in the garage, or have a tiny home to be rented as a short term rental. With apartments renting for $1000 per month or more, adding an apartment is a great way to add to your property value and supplement your income. An Airbnb is also a smart option to bring in added income. To figure out the nightly rate to offer, add up your mortgage and utility payments and divide by 30. Don’t forget to add on cleaning fees!
Market Trends
There will always be a need for rentals, especially if you live near a college or university. With the cost of living increasing with no end in sight and interest rates staying between 4-6% over the next few years, having a way to add passive income is a necessity to achieve your financial goals.