The Mortgage Helper: How to Find the Perfect Tenant for Your Basement Suite

Some of our clients make anywhere from $1200 to $2500 on their basement suite apartments.

Does your home have an empty basement or a separated suite? In case your suite is just sitting empty, you are letting go of an opportunity to obtain some additional monthly income as rent. It is time to look at the four steps that can assist you in finding the ideal tenant to rent out your basement suite.

Step 1: Play By The Rules

If this is the first time that you are renting out a home or suite to a tenant, it is important to conduct some amount of research first. Go through LTB (Landlord and Tenants Board)  as well as other regulations, since they will educate you regarding your responsibilities as a landlord. Remember that you are not allowed to discriminate in any way when it comes to race, religion, gender, family status or disability. 

Step 2: Be Specific In Your Advertising

When placing a rental listing, ensure that you are very specific when it comes to what you need in a tenant. In case you are someone who is single and quiet, you would probably prefer someone who is similar to you. On the other hand, in case you are a young couple, you might end up clashing with a retired senior or someone older. While remaining specific, also make sure that you do not come off as discriminatory.

Step 3: Meet Potential Tenants In Person

Make sure that you take adequate time out to meet each applicant who is short-listed. In case you are not comfortable with the idea of having so many strangers at your home, you can ask them to meet you at a local coffee shop. Through an in-person meeting, you will be able to visually evaluate the individual and understand whether your personalities align well for living in the same home.

Step 4: Don't Skip The Checks

Lastly, never opt for any shortcuts when you are performing background, credit and other checks. Always seek a minimum of two references from your tenants that can be called for the verification of their rental history. When you request for a credit check, you can evaluate their risk of missing monthly rent payments. If required, a criminal record check enables you to know whether they had any trouble with the law.

If you remain well-prepared and diligent, coming across a suitable tenant for your basement suite will be a process that is particularly painless. In order to learn more about real estate investment opportunities in the local area that work well as rentals, get in touch with us today. Our real estate team will be glad to show you around.

Reach out to us at Charissa Realty and we would be happy to assist with renting out that basement!

Charissa Realty, for moments that matter.