Adding A Suite in your Home
Adding A Suite in your Home
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.
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Disclosing Defects is Every Seller s Responsibility
Sellers have the responsibility of disclosing any defects in the property to the buyer. The seller should disclose defects which could affect the value of the property as well as the living conditions. The defects may relate to insulation, structure, plumbing, electrical, heating and cooling systems, fixtures, etc. No defect is too small to be kept away from the buyer. It is understandable that most sellers feel that disclosing defects may result in a lower price, so why should they subject themselves to this? Firstly, because it is unethical and unfair to those buying your home. If this is not a good enough reason, consider the damage you will suffer if the buyer decides to sue you later. Some states require sellers to fill in a disclosure form which has to be handed over to the buyer. If the seller does not present this form, the buyer can easily withdraw his offer and get a complete refund of his earnest money deposit. Laws have becomes stringent over the years to protect consumers, in this case the buyers. Some items have to be specifically disclosed and vary from state to state. Federal law requires disclosure related to lead content. Even if there are no strict laws applicable, one is not allowed to mislead the buyer. You may choose to hide a minor defect but leading the buyer to believe something which is false will surely get you into trouble. If you lie about a particular defect and the seller finds out later, you will be required to reimburse for repairs and perhaps suffer litigation. Get an inspection done if you must but reveal the condition of the property truthfully. If it is possible you should consider fixing some of the major defects. Even if you are selling your home as is , it only means that you are not required to renovate or repair defects. You will still have to disclose the defects to the buyer. Find out the legal obligations of the seller in your state to fulfill your duties completely. Although it is up to the seller to reveal all defects, it is suggested that one should do it. It will provide the buyer a clearer picture and save you from getting slapped with a lawsuit.
Sameer S Panjwani - ChoiceOfHomes.com - <a href="http://www.choiceofhomes.com">Listings of homes for sale and rent</a> in the United States.