When most people think of renting out their home, they do not think about living at the property. But it is certainly possible to purchase a home, live in it, and rent it out to a tenant full-time. It is an excellent way to generate consistent income that can drastically reduce your homeownership expenses. But this kind of thing cannot work with a typical home as it may not have room to create a dedicated rental. You need to look for properties that have certain features to turn this into a reality.
One way that you can get a full-time rental is by getting a basement of decent size. It does not have to be finished, as long as you are willing to undertake this kind of project to bring it to rentable condition. A finished basement will allow you to start renting sooner, so it may be worth prioritizing to you. Even making an upgrade here and there should not take nearly as long as finishing the entire space. Some things may need to be changed to a finished basement if you expect it to be a legal rental. For instance, you will have to give your tenants private access to the basement rental through an exterior door.
If you are interested in living in a full-sized home, you should look at multi-family properties. This kind of property means you will be connected to your tenants by a single wall, but it is well worth the income gain. The great thing about this kind of property is that when you upgrade the outside for your personal satisfaction, you will also upgrade the rental, thus making it more appealing to potential renters.
The third way that you can get a full-time rental out of a property while also living there is to find a property with a mother-in-law suite. This is an excellent option for those who want lots of privacy, but are still determined to generate an income by renting out part of their property to individuals. Depending on the layout, you should be able to add onto an existing suite to make it more fitting to be a rental.
When you intend on renting out a portion of your property for years to come, you want to pay close attention to everything you do in regard to buying a home to ensure you can make money for a long time.
For a real estate agent, contact an agent such as Joan Schultz Realtor.