Our real estate agents at Josey Young & Brady Realty can introduce you to Atlanta homes for sale of any size and description to suit your needs. Whether you're looking for a starter home or an income property, we will help you navigate our real estate market successfully.

A rental property can be an excellent way to cultivate a reliable income stream for savings or paying the bills. Many people aim to purchase Atlanta properties where the rent they collect will provide most, if not all, of the income they need to pay their mortgage.

What about when dedicating a whole home to renting isn't feasible? Buying a home that has a basement apartment or other rental suite can be a worthwhile alternative.

However, renting out a spare room has its own challenges. Some of these are amplified by having a tenant onsite with your family. It's crucial to know exactly what you're getting into!

Pros of Buying a Home With Rental Space

1. Income
   Rental income is the obvious draw of renting out part of your space. Depending on how much you charge, you may be able to pay for your household bills or even offset the mortgage entirely. Sure, you'll have to make certain your space remains occupied—in and around metro Atlanta, however, this tends to be fairly easy. In some cases, you may even be eligible for tax breaks.
   
   
2. Business Opportunities
   Conventional renting is not the only way to derive income from your property. If you're buying a larger home, you might consider opening a bed and breakfast. By catering to visitors rather than long-term renters, you have the chance to break into the tourism industry. This can be a great second career. Some find it more satisfying than renting.
   
   
3. Future Sale of the Home
   Looking ahead to the future sale of your home, its income capacity could be a major draw for investors. This gives you an opportunity to command a premium selling price if your needs change or you want to move away from the area in the future. It may not appeal to everyone, but it will get attention from a dedicated core of motivated buyers.

Cons of Buying a Home With Rental Space

1. Privacy
   Privacy is the #1 concern when you're thinking about having a tenant. Even if you have enough space "on paper," the layout of the home is decisive. Homes that do not provide renters with their own separate entrances, storage spaces, and relaxation areas will often lead to a "too close for comfort" feeling, especially if your tenants' personalities clash with your own.
   
   
2. Legal Matters
   Before you start renting out space, it's a good idea to consult with an attorney. He or she can help you understand your obligations under the laws of your city and state. While many states strongly favor landlords when managing disputes, you can be caught off-guard if you are not prepared—which includes having an ironclad rental agreement for tenants to sign.
   
   
3. Repairs
   The cost of keeping your home safe, comfortable, and up to date is something you must always be aware of as a homeowner. When renting out space, however, it's even more important. You may incur liability if you fail to address a problem that poses dangers to the health of your renters. This means moving faster on repair work than you otherwise might.

Josey Young & Brady Realty makes it easier for you to achieve your homeownership goals here in Atlanta. Our team combines deep local real estate insight with exceptional customer service. Contact us to learn more today.