Income Suites and Primary Residences

<h1>Income Suites and Primary Residences</h1>Author: <a title="Kevin And Gretchen Koitz" href="http://www.articlesbase.com/authors/kevin-and-gretchen-koitz/25359.htm">Kevin And Gretchen Koitz</a> In today's real estate market people are spending a good deal of time trying to find ways to make their primary residence pay off a little bit better. One way that this can be done is by installing or renovating an income suite. Income suites are fantastic for helping out with monthly bills, mortgage payments and are better for the safety of the home. In a general sense a good income suite can almost or entirely pay your monthly mortgage payment leaving that money available to you for your other bills and costs. Finding the right tenants for such a suite is imperative as this is your primary residence and your respite from the world so the tenants have to be perfect. If you are the kind of person that goes on long trips this can also bring real peace of mind as there is someone taking care of the home, and who is there on a regular basis.

If your home does not already have a suite then they are relatively simple to install. The main thing that you will have to worry about is putting in the kitchen. Now the kitchen for a suite does not need to be huge but it should have all the trappings of a regular kitchen that is; stove, sink, storage space, fridge etc. Organizing the space so that kitchen sinks and bathroom sinks and the shower or tub can plug into existing plumbing can save you allot of money in startup costs. Plumbing can end up being a major cost so try to plan out the suite accordingly. Also try to think about what the average renter needs and try to supply that. The more amenities you supply the more you will be able to get for the suite on a monthly basis.

This is also a great way to add value to your home as home buyers love to see properties with secondary suites. This is especially true of real estate investors. Any kind of property that offers a dual income opportunity will be a highly prized property. Investors spend months looking for the right dual income properties, as they really are ideal rental properties. Careful planning is essential in an kind of rental situation so plan this out properly and it should be quite profitable. About the Author: Carey Frankel is a real estate agent and associate broker serving the <a href="http://www.frankelrealtygroup.com/" target="_blank">Jacksonville, Florida real estate</a> market. For elite service and accurate information on <a href="http://www.frankelrealtygroup.com/" target="_blank">Jacksonville Homes </a>contact Carey or visit online at <a href="http://www.frankelrealtygroup.com" target="_blank">www.frankelrealtygroup.com</a>Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/real-estate-articles/income-suites-and-primary-residences-196724.html" title="Income Suites and Primary Residences">Income Suites and Primary Residences</a>

In today's real estate market people are spending a good deal of time trying to find ways to make their primary residence pay off a little bit better. One way that this can be done is by installing or renovating an income suite. Income suites are fantastic for helping out with monthly bills, mortgage payments and are better for the safety of the home. In a general sense a good income suite can almost or entirely pay your monthly mortgage payment leaving that money available to you for your other bills and costs. Finding the right tenants for such a suite is imperative as this is your primary residence and your respite from the world so the tenants have to be perfect. If you are the kind of person that goes on long trips this can also bring real peace of mind as there is someone taking care of the home, and who is there on a regular basis.

If your home does not already have a suite then they are relatively simple to install. The main thing that you will have to worry about is putting in the kitchen. Now the kitchen for a suite does not need to be huge but it should have all the trappings of a regular kitchen that is; stove, sink, storage space, fridge etc. Organizing the space so that kitchen sinks and bathroom sinks and the shower or tub can plug into existing plumbing can save you allot of money in startup costs. Plumbing can end up being a major cost so try to plan out the suite accordingly. Also try to think about what the average renter needs and try to supply that. The more amenities you supply the more you will be able to get for the suite on a monthly basis.

This is also a great way to add value to your home as home buyers love to see properties with secondary suites. This is especially true of real estate investors. Any kind of property that offers a dual income opportunity will be a highly prized property. Investors spend months looking for the right dual income properties, as they really are ideal rental properties. Careful planning is essential in an kind of rental situation so plan this out properly and it should be quite profitable.

Carey Frankel is a real estate agent and associate broker serving the Jacksonville, Florida real estate market. For elite service and accurate information on Jacksonville Homes contact Carey or visit online at www.frankelrealtygroup.com

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/real-estate-articles/income-suites-and-primary-residences-196724.html

Article Tags: Home Investments, Property Management, Rental Investments, Rental Prep

Related Articles
Related Q&A

Latest Real Estate Articles
More from Kevin And Gretchen Koitz

Top 3 Free Online Foreclosure List Websites

By: Richard S. Johnson | 16/11/2009
Foreclosed real estate presents a fantastic opportunity to purchase a beautiful home or condo, at a fraction of it's market value. This article will provide you with the information you need to quickly find foreclosures online, and links to the top 3 free foreclosure list websites.

Top 3 Free Foreclosure Listings Websites

By: Richard S. Johnson | 16/11/2009
Foreclosures can be a great way to enter the real estate market with a great deal on a house. Below, you will find helpful information about finding foreclosures online, as well as links to the top 3 foreclosure websites.

Top 3 Free Foreclosure Listings Websites

By: Richard S. Johnson | 16/11/2009
Foreclosure is defined as a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, most often a bank, can seize and sell the property as defined in the terms of the mortgage contract. When a foreclosure takes place the bank involved in the process will want to sell the property as quickly as possible, often MUCH below market value.

Rent-to-own benefits for sellers

By: Keith Summers | 16/11/2009
Rent to own benefits for sellers. Here some selling house tips & and benefits for you to how to sell a house if you are the landlord/seller.

Do not sell your own house! Put it up for Rent-to-own basis!

By: Keith Summers | 16/11/2009
As the housing industry is not showing signs of improvement, house sellers in Chicago are finding it tough to sell their house for a lucrative price. The article exhorts the sellers that rent-to-own option is a better one for getting favorable returns.

The Home Short Sale Process: What The Seller Should Expect

By: Ron Capron | 16/11/2009
This article is written from the perspective of a homeowner that has a need to short sale their home or property. The exact process might differ from state to state, Realtor to Realtor, and bank to bank, as there are no absolutes that have been defined for this process. If...

For all those of you considering buying Bank foreclosed homes

By: Anirban Bhattacharya | 16/11/2009
The money lending institutions (like banks) tend to sell off foreclosed properties at a price much lower than the market rate. This renders the bank foreclosed homes for sale usually much sought after properties.

Primary steps to be a Real estate entrepreneur

By: Jeff Adams | 16/11/2009
If you have the burning desire to make it great in real estate investing, then follow these steps to kick start your career in real estate investing. You may be a beginner or a novice; these steps suit you perfectly to reach your goal of a real estate entrepreneurship.

Loft Living

By: Kevin And Gretchen Koitz | 06/02/2008 | Real Estate
Loft living has become synonymous with a trendy urban lifestyle, and many developers are responding to the demand with loft-like or loft-styled options. Traditionally lofts were industrial spaces converted to residential spaces by artistic types.

America's Neoclassical Building Tradition

By: Kevin And Gretchen Koitz | 06/02/2008 | Real Estate
Neoclassical and Greek Revival architecture are two of America's most recognized building forms. Though not in wide use today, these styles, characterized by columns, tall facades, and simple white exteriors, can be easily found on many of the nation's historic landmarks and goverment buildings, including The Whitehouse.

The Rise of the Mcmansion

By: Kevin And Gretchen Koitz | 06/02/2008 | Real Estate
Even the nation's finest luxury neighborhoods have a category for homes that look cheaply made: McMansions. Home owners in wealthy areas like Bethesda and Chevy Chase, Maryland live in fear of having their homes classified thusly, but occasionally one gets nailed.

Questions for your Condo Quest

By: Kevin And Gretchen Koitz | 08/01/2008 | Real Estate
Imagine moving into an immaculate new home with all the modern conveniences that you've longed for. Does it bring a smile to your face? Imagine that this home comes complete with all the maintenance and upkeep taken care of. Grinning broadly?

Winter Wonderland: Spruce-up Curb Appeal With Winter Landscaping

By: Kevin And Gretchen Koitz | 27/12/2007 | Landscaping
There is a trend toward homebuyers who are attracted to year-round, outdoor visual flair. Whether you are staging your home for potential buyers, or yearning a garden that blooms forth in the winter, there are several colorful ideas for creating a winter paradise in your own backyard.

Time is Right for Second Homes

By: Kevin And Gretchen Koitz | 10/08/2007 | Real Estate
With the current state of the real estate market the time is right for the purchase of a second home. In a slower market with lower prices and great deals on valuable home there has never been a better time to get your hands on an investment property. For many years the second home may have seemed like something that was beyond the reach of the average home buyer.

Income Suites and Primary Residences

By: Kevin And Gretchen Koitz | 10/08/2007 | Real Estate
In today's real estate market people are spending a good deal of time trying to find ways to make their primary residence pay off a little bit better. One way that this can be done is by installing or renovating an income suite. Income suites are fantastic for helping out with monthly bills, mortgage payments and are better for the safety of the home.