Landlord/tenant rights, dealing with problems, where to get help...
Home rental - (Retrofit or Not?)
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ontresident Posts: 1
Posted On: 11/25/2015
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Hi,
Me and my friend jointly bought a detached home (50% share each).
this is my first home and i will be living in a one room. the house has 5 rooms and we are planning to rent 2 rooms upstairs and fully renovated basement (Kitchen, bath room, living + bed room) to rent.
so full basement and 2 rooms upstairs will be rented out.
My questions are
1. what type of insurance should i go for? i called them up, and say i am planning to rent, immediately they say they don't provide insurance?
2. I don't know if the basement is retrofit? I get the keys on Jan 01 2016. (Current home owner has tenants in basement though BUT my realtor says it is not retrofit)
3. If my basement is not retrofit, what is the procedure to make it retrofit? cost and contact if anyone knows. (not many information online)
4. is it legal (because it my primary home - and i am also renting out - but my friend's 50 % share is purely investment)
please advice, thanks
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MelM Posts: 226
Posted On: 11/26/2015
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1. I don't know what kind of insurance you should ask for - but since the unit is not retrofit, you can't get insurance to cover it as a rental.
2. If your realtor says it's not retrofit then it's not a legal unit. If the unit was legal this would have been a big selling feature and your realtor would know it.
3. Costs vary widely depending on how much you have to change / update to meet the minimum requirements. You can find those listed in detail here: http://www.expertinspector.com/BasementApartment.html
4. I don't believe you can legally rent the basement as well as two rooms in the upstairs area. But I'm not 100% certain of that.
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