If you want to increase your income, then you might want to consider turning your basement from a wasted space into a stylish, cozy basement apartment. Your basement could then give you a monthly rental income. Before you do any of this though, there are some things that you need to consider first.
The absolute first thing you should do is check the by-laws and rules. If you don’t follow the legal processes for turning your basement into an apartment, you could face a very expensive inspection to bring your renovation up to code.
Ideally, you would want to recover your investment within two years. So plan out your budget, and be realistic about how much rent you would be able to charge per month. If you plan to spend around $20,000, you would need to rent the apartment for more than $800 per month.
3. The Layout of Your Basement
You will need to consider the layout of your basement. If your ceilings are low, the you may have to underpin the basement and lower the floor, which will increase your planned budget. There’s also some other work you will need to do in order to make your basement apartment highly desirable to potential tenants. When you hire a contractor, you should ask about making sure that the apartment has grounded electrical plugs, smoke alarms, and a fully functional plumbing system. You also need to discuss separate entrances, a parking spot, adequate storage, adequate lighting, natural light and windows.
4. Decorating Your Basement Apartment
When your basement renovation is complete, you can begin to decorate. Keep to neutral colors, and avoid dark or bright colors. Dark and bright colors aren’t to everyone’s taste, whereas neutral colors will make the apartment light and airy. If you’re planning to rent the basement as a furnished apartment then you will need to find furniture for it. Again stick to simple, useful furnishings. You will need to find a bed, lamps, a sofa, a dresser, washer/dryer, microwave, and other pieces to furnish the apartment.
We can help you with every step of the way and make sure that you are satisfied with the basement apartment renovation you have dreamed of.