If you have an unutilized, idle basement, this is a great opportunity for you to turn it into a rental space and make extra cash! Converting your basement into a rental opportunity is an investment you are going to want to make. This gives you the opportunity to make extra money, leaving you with less stress and more freedom to spend it however you want. You can pay off your mortgage faster, go on trips, buy that lawnmower you have been eyeing for a while now, the possibilities are endless! Getting to this does require a bit of work. Our team here at Orange Contracting would like to go over what you need to do in order to successfully transform your basement into a rental space.
Layout
Before you jump into this project, you need to ask yourself if there is enough room to convert it. This includes ceiling height along with the rest of the space overall. If you have a low ceiling clearance, this is going to involve underpinning the basement in order to give more room vertically. Meaning you are going to have to lower the floor. However, needing to do this will raise the cost of converting your basement into a livable space. Making this something you need to take into careful consideration before you give the green light to go ahead with it. Making your basement a livable space is the key to a successful basement apartment. When considering this, make sure to go over the following with your contactor:
-windows
-window treatments
-smoke alarms
-adequate lighting
-enough storage space
-grounded electrical plugs
-additional exit
-proper parking space
-natural light
-working plumbing
Financing
In order to have a high return on your investment, you need to make sure to come up with a plan that makes it happen. If all aspects are not considered properly, especially the financial part, you won’t make as much back. Keep in mind that it should take about 2 years to recover your investment amount.
Legal
Before you begin anything to transform your basement, you need to make sure that all the legalities are taken care of. This means that you need to go to your local by-law office and get all the necessary permits and legal documents. Do not skip this step, it will cost you more money and time in the future if you do. When you go to register your basement apartment with your municipality, you are going to need to make sure you are complying with the local fire codes, building codes, and electrical safety requirements.
Decorating
Always keep in mind that you are not the one living in the basement apartment, it is for tenant use only. This means that the decorating should be minimal to non-existent, making neutral choices a must. No dark colours, no bright colours, no artwork or personal touches of your own. If you choose to furnish the apartment yourself, make sure the furniture is useful but simple. Again, use a neutral colour scheme when selecting furniture. Easy to remove wallpaper is a great way to quickly and easily change things up if need be. Once you have a tenant, you can give them permission to decorate it how they want, even paint the walls. It’s all up to you.
How Our Renovation Experts Can Help
Carefully considering these things is important before diving into a basement apartment/ landlord and tenant life. If you would like to move forward with a basement remodeling in Richmond Hill, make sure to contact our team here at Orange Contracting! Give us a call today at (416) 817-2590!