Transforming your basement into a rental suite can be a great way to generate income and pay down your mortgage quickly. It can also be a selling feature that can increase the overall value of your home. It’s perfect for empty nesters or people who never use their basement. But there’s a lot to consider before you decide to take the plunge. It’s easy to get blinded by the income potential side of it. Taking on a renter is a big lifestyle shift. Are you ready for it? It’s important to weigh the pros and cons properly.
Before you start
You need to make sure your lifestyle will accommodate a rental suite. Are you ok with shared spaces like laundry and yard? Are you comfortable with less privacy? More noise? It’s also important to note that while a rental suite is an income generator, if you ever want to sell your house it may affect the number of buyers you attract. You need to make sure you’re all in before you begin. Have an honest conversation with everyone in the house to make sure everyone is on board.
Do it right
You can’t just put an ad online and slap a “For Rent” sign on the front yard. You need to make sure you can legally convert your basement into a rental suite and get the right permits to get it done. Your space needs to meet certain safety and construction standards to become a rental suite. We can help you with permits and create a space that meets all of the rental standards.
Do your homework, including the math
Once you know you are able to create a rental suite, look at the comparable rental units in your area. What are they charging for rent? What amenities do they offer their renters? How is the rental market in your area? Are there a lot of vacancies? Is it a renter’s market? Knowing your potential return on investment will help you decide if the investment makes sense and what kind of space you have to create to remain competitive and attract the prospects.
Work and plan with experts
Work with a construction company to make up plans for your space and execute a basement reno that is up to code and up to the discerning tastes of quality tenants. The team at Quantum has the experience and eye for detail to turn your basement into a rental suite that will not only generate income for you and your family, but generate interest from renters. Contact us today to get started.