If you’ve got a house with a little more space than you need, why not make use of that extra space? If you don’t have use for it yourself, someone else will! We’re talking about how you can renovate your basement into a rental suite. Let’s check out how you can make it happen.
Research and Prepare
The first thing to do before you renovate your basement into a rental is to research and prepare. To start, you’ll need to check local laws on basement rentals. There are often laws in place regarding size, rooms, entrance, and parking space. Understanding what’s expected of your future basement apartment is a necessity before you get started on planning your renovation.
If you find that you have everything you need, aside from the renovation, to legally rent out your basement, the next step is preparation. Any furnishings, decor, or belongings that you don’t plan on including in the rental agreement need to be removed. Doing this early makes renovations easier as well.
Plan for Livability
The next step is making plans to renovate your basement for livability. For example, you’ll want to make sure there’s a full bathroom and at least a small kitchenette available within the basement apartment space. If there’s no exterior door, and you don’t want to provide access to your own part of the house, you’ll also want to have an exterior door installed.
When the renovation is complete, your future tenant should have everything a normal apartment has, at least on some scale.
Hire Premier Group Contractors
When you’re ready to start the renovation process, you’ll want to get in touch with your local basement renovation contractors. In Toronto, Premier Group Contractors is the best in the business. Give us a call and schedule a consultation with us.
When we’re able to sit down with you for a consultation, we’ll take a look at your home’s blueprint and see where we can make changes to achieve the apartment you’re looking for. That might mean adding walls to create a bedroom or bathroom, removing walls to create a more open living space, or installing various plumbing or electrical elements.
There’s a lot that goes into a basement apartment renovation, and we have experts for all of it. Therefore, instead of hiring different contractors for each type of job, you can get all of them from one place when you hire Premier.
Rent Out Your Basement
When your basement apartment renovation is complete, you’ll be all set to rent it out. Having a tenant living below you can be quite the change, but it can really pay off in the end. Plus, if you end up moving further down the line, instead of selling your home, you can even opt to rent out the upper portion of the house to another tenant. The possibilities are endless, but they all start with Premier.