How to Live Mortgage Free by renting your basement?

Would you like to reach mortgage freedom sooner?

The rising cost of real estate means that many people are taking larger mortgages to purchase their dream home.

Ever considered renting out a part of your home for mortgage payments?

Toronto has hundreds of basement apartments, many of these go unused and aren’t generating any revenue.

Don’t let your basement apartment be one of these. 

A one bedroom basement in downtown Toronto can make approximately $2500-$4000 and a 2 bedroom or more basement apartment can generate between $3500 to $5000 on a yearly average.

Why consider short term rental for a basement apartment?

1. Easiest way to earn-

Renting your basement is perhaps the easiest way to earn extra income to pay down your mortgage sooner. This is ideal for homeowners with houses and duplexes. 

2. Make the most of space-

Short term rental will help you make the most of your space. Think about it, you dont have to buy a new place for renting and the already existing unused place in your home will generate income for you. 

Short term rental also means that you won’t have a full time resident in your house and you can use the space as and when you need it for personal use.

3. Earning potential-

Short term rentals have the advantage of generating more profits. If you rent your basement for the long term you will have that steady income every month. But as a short term rental unit it can generate two times more profit, especially during the peak season.

4. Super Flexible-

A great advantage of renting your basement on a short term basis is that it is the most flexible way of generating income. You can decide on the days you want the property to be occupied and on other days you can use it for personal use.

How to turn your basement into a short term rental?

1.Get it Furnished-

The first thing you need to do is get the basement furnished. You may think that this would be an additional expenditure, but getting your basement furnished can be cost effective.

We recommend getting in touch with property managers like Global Guesting  who have partnerships with furnishing companies and get help you get your basement furnished at a very reasonable price.

2. Know your rental rules-

It’s important that you do some research on renting basement for short term as provinces have different rules when it comes to rentals. It’s important that you are familiar with yours before you put your basement up for short term rental.

3. List on multiple platforms-

In order to ensure maximum returns from your property it is important that you post your listing on platforms other than Airbnb. Having your listing on multiple platforms ensures that you getting maximum bookings and you dont miss out on any opportunities.

If you feel like you may have to go out of your way to enter the short term rental business, leave the work for a good property management company, who can look after your listing.

It is also important that you choose a good property management company since many such companies will only help you with listings and getting guests.

But Global Guesting  goes way beyond that, they have been in the industry for a long time and know exactly what property owners look for,when they turn to a property management company.

With their reach and access to multiple platforms they can help you get 5 star guests for your property. Along with that they also help you in furnishing your basement, providing cleaning services after every guest stay and a lot moreTo know more book a Free consultation with Global Guesting Inc. today!

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