From, Realtor Terry Black
Here we go with the last 6 of the 10 Cons…
5. Cleaning. If the Suite is used for short term rental and not mid term or long-term rental cleaning can be a drag. Many owners don’t want to do it themselves. If you don’t want to clean and prepare the suite when a guest leaves it costs pay for the service required to offer a clean rental suite fully stocked for each new guest.
6. Shared use of your Home. After creating a rental Suite, you may discover you need more privacy than you realized before sharing space. This can cause resentment that outweighs the advantage of extra income or the satisfaction of providing needed housing.
7. Renovation Budget Blown. In a time of high in ation, it may be that you don’t properly budget materials and labour costs accurately. The first step here is to have a budget and plan carefully including quotes.
8. Time delays creating the Suite. HRM permit processes can be frustrating. I’ve seen it take 4-6 months waiting for HRM to approval even when building code is followed by the book. Be sure to educate yourself on the online application process. An error inputting data online can cost months. Delays add cost if you are financing the renovations or paying contractors a deposit. You may lose contractors or wait longer for them to complete their work due to HRM delays. Supply chain delays are not as common as in 2022 but advance plan and order items soon after deciding to proceed with a renovation project.
9. Securing Good Contractors. You will want professional service provided. Work should be done in a good and workmanlike manner on quote with no gouging. It can be hard to get this without waiting a long time.
10. Residential Tenancies to Resolve Disputes. I’ve observed tenants are very respectful and want the same from their landlord. If people respect each other there is no problem that cannot be overcome. It is much better to be able to resolve problems with good dialogue directly with your tenant. Focus on good service and quality upkeep and you should have great success.
However, if communications falter be prepared for a lengthy delay dealing with “Res Tenancies” It may not be the outcome anybody really wants.
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