Not sure if you should spruce up the old place and rent it out or not? Here are some pros and cons of renting out your mother-in-law apartment to help you decide.
Before you get started learn the legalities of having an in-law unit in your community or city. Laws regarding these types of apartment vary by city, especially in terms of issues such as rent control. Check the city codes to make sure that your area is zoned accordingly by consulting with your local city’s Building and Inspection Department.
Tally the benefits: For parents whose children have recently left the nest, adding a secondary unit to rent out can help them save for retirement or provide income in twilight years. Taking recent trends into account, having this type of unit available can also be great in case adult children need to move back in, but don’t want to sleep in their old bedroom.
The downside: You’re also responsible for finding a good tenant who will not only pay the rent on time, but will take care of your home. Tenants are sometimes harder on properties than property owners, which can be jarring for inexperienced landlords. Keep in mind that any damage your tenants do is damage done to your home.