Hello all!
I was just introduced to this site from a friend of mine not too long ago and I am relatively new to real estate and real estate investing. My girlfriend and I just bought our first house last December with plans to put a suite in the basement. The whole house pretty much needed reno-ing and the upstairs is about 90% complete, which we are currently living in. The downstairs hasn`t been touched yet. It needs all new aesthetics, the bathroom re-done, and the kitchen put in. The plumbing is already in where the kitchen is going.
Now, our dilemma is whether to finish the basement and rent the whole house out as one. If thats the case we would be looking for a condo or townhouse to buy for our next property. The other option is to go ahead with the suite, and then live up and rent down or vis versa until we`e ready to buy another property. The two big things are obviously time and money. The suite would take more of both and we don`t have a lot of cash to put into it. Also, I don`t know what all is involved in the suite as far as codes and making it "legal".
Any information or suggestions would be great.
Thanks!
I was just introduced to this site from a friend of mine not too long ago and I am relatively new to real estate and real estate investing. My girlfriend and I just bought our first house last December with plans to put a suite in the basement. The whole house pretty much needed reno-ing and the upstairs is about 90% complete, which we are currently living in. The downstairs hasn`t been touched yet. It needs all new aesthetics, the bathroom re-done, and the kitchen put in. The plumbing is already in where the kitchen is going.
Now, our dilemma is whether to finish the basement and rent the whole house out as one. If thats the case we would be looking for a condo or townhouse to buy for our next property. The other option is to go ahead with the suite, and then live up and rent down or vis versa until we`e ready to buy another property. The two big things are obviously time and money. The suite would take more of both and we don`t have a lot of cash to put into it. Also, I don`t know what all is involved in the suite as far as codes and making it "legal".
Any information or suggestions would be great.
Thanks!