How to Find the Perfect Tenant for Your Basement Suite

The Mortgage Helper: How to Find the Perfect Tenant for Your Basement Suite

Do you have an empty basement or separated suite in your home? If you have a suite sitting empty, you

are missing out on collecting some extra monthly income in the form of rent. Let's take a look at a quick

four-step process that will help you find the perfect tenant to rent out your basement suite.

Step 1: Play By The Rules

Is this your first time renting out a home or suite to a tenant? If so, you will want to do a bit of research

first. Read up on Fair Housing Rules and other regulations as these will inform you of your

responsibilities as a landlord. Keep in mind that you cannot discriminate in any way when it comes to

race, religion, gender, family status or disability. Anyone who applies must be given a fair chance.

Step 2: Be Specific In Your Advertising

When you place a rental listing, be as specific as possible in what you are looking for in a tenant. If you

are a single, quiet person, you may want someone similar as you will be compatible. Conversely, if you

are a young couple, you may clash with a retired senior or someone older. Be as specific as possible but

remember that you cannot be discriminatory.

Step 3: Meet Potential Tenants In Person

Be sure to take the time to meet with every short-listed applicant in person. If you are not comfortable

with having so many strangers over to your home, consider meeting at a local coffee shop. An in-person

meeting will allow you to visually assess the person and determine if your personalities are a fit for living

in the same home.

Step 4: Don't Skip The Checks

Finally, don't take any shortcuts when performing background, credit and other checks. Ask your tenant

for at least one or two references that you can call to verify their rental history. Investing in a credit check

will help to assess their risk of missing monthly rent payments. And if necessary, a criminal records

check can let you know if they have been in trouble with the law.

As long as you are well-prepared and diligent, finding a suitable tenant for your basement suite will be a

painless process. To learn more about real estate investment opportunities in the local area that are

perfect for rentals, contact us today. Our real estate team will be happy to show you around.