I've posted a bit about this in previous posts, but at the time I was considering we would continue our past experiences of renting rooms to students. We've had great success with this and enjoy having extra bodies around for security and company.
That said, I'm also contemplating recommending to my husband we consider buying units such as this: http://www.realtor.ca/propertyDetails.aspx?propertyId=9782404&PidKey=-181340355
This is only an example of course. We would live on the main floor unit and rent out the other two units. One question I have is, it seems sometimes duplexed homes sell separately (as in side by sides) and, in this case and it seems most often, as one unit. Is it possible to get separate mortgages on these two units - does anyone here have experience with purchasing duplexes? I'm asking as we would prefer to have two mortages, one on the rental and one on our main residence. This may not be possible but I'd still like to know for sure.
My main point of my post however is to get people's opinions on buying a multi-unit dwelling and renting out a suite or two. In our situation, it would be very close to Dalhousie and we would rent to students. It appears there are many students looking so we could and would try and get the cream of the crop, and we've had years of experience renting out rooms and our condo in Vancouver, so we're not new at this, just new to the idea of a duplex or triplex.
It appears we would get more income from renting out one or two suites than two bedrooms in a detached house, but I'd like please some input of what I need to consider. So far I'm considering:
1. Privacy (not a huge issue with us, and we prefer to have roomates anyway)
2. Utilties - we would have to make sure utilities are paid by the tenant if possible
3. Mortgages - can we have separate ones for our main res and rental unit
4. Insurance - we would be paying more insurance for separate suites than what we pay extra for roomates (suite occupants would pay for their own contents)
5. Location, location location.... much more important when renting units out than the actual unit itself, especially when it comes to students. As long as it's reasonable, we don't need a castle.
Any other things we should consider?
That said, I'm also contemplating recommending to my husband we consider buying units such as this: http://www.realtor.ca/propertyDetails.aspx?propertyId=9782404&PidKey=-181340355
This is only an example of course. We would live on the main floor unit and rent out the other two units. One question I have is, it seems sometimes duplexed homes sell separately (as in side by sides) and, in this case and it seems most often, as one unit. Is it possible to get separate mortgages on these two units - does anyone here have experience with purchasing duplexes? I'm asking as we would prefer to have two mortages, one on the rental and one on our main residence. This may not be possible but I'd still like to know for sure.
My main point of my post however is to get people's opinions on buying a multi-unit dwelling and renting out a suite or two. In our situation, it would be very close to Dalhousie and we would rent to students. It appears there are many students looking so we could and would try and get the cream of the crop, and we've had years of experience renting out rooms and our condo in Vancouver, so we're not new at this, just new to the idea of a duplex or triplex.
It appears we would get more income from renting out one or two suites than two bedrooms in a detached house, but I'd like please some input of what I need to consider. So far I'm considering:
1. Privacy (not a huge issue with us, and we prefer to have roomates anyway)
2. Utilties - we would have to make sure utilities are paid by the tenant if possible
3. Mortgages - can we have separate ones for our main res and rental unit
4. Insurance - we would be paying more insurance for separate suites than what we pay extra for roomates (suite occupants would pay for their own contents)
5. Location, location location.... much more important when renting units out than the actual unit itself, especially when it comes to students. As long as it's reasonable, we don't need a castle.
Any other things we should consider?