Because many popular areas, such as neighborhoods around college campuses, have shortages of rental units, some homeowners decide to earn extra income by subdividing a single-family home into apartments. These are three of the issues you should consider before undertaking this type of project.
1. Can You Subdivide the House Safely?
To be able to successfully rent the apartments in your house, you need to be able to subdivide the home into separate, safe and livable apartments. You will need to take into consideration whether each apartment has adequate apartment windows Medford NJ, functional heating and cooling, light, plumbing, kitchens, ventilation, fire exits, bathrooms and wiring. If you can not provide all of these things in each apartment and still make money renting the property out, then it is probably not a good idea to attempt to subdivide the home.
2. Will You Have Enough Tenants?
Before you invest the money into the property you are thinking of renting, you need to do some research to make sure you are likely to be able to find tenants. Start by looking at other rental properties in the area. Find out how much the monthly rent is and how many of the properties are currently occupied. If there are a lot of empty rentals, then demand is probably not very high in that neighborhood.
3. Can the Neighborhood Support It?
If the neighborhood you are considering was designed with single-family homes in mind, there may not be enough parking, infrastructure, roads and other services to support apartment buildings. Your renters are not likely to be happy if they can not find a place to park, or must deal with overly congested streets every day.
Subdividing a home into apartments can be a good way to turn a single-family home into a reliable source of income. However, for your project to succeed, you need to take all of these factors into consideration.