You have an unused basement space in your house and you’re pretty sure that you cannot put it to use. You don’t need a basement kitchen, bar, a man cave, or just anything else. But have you thought about making your basement a source of your supplemental income?
With little care and the right strategies, you can easily turn your unused space into a rental unit. Don’t forget to meet with professional basement contractors who will help you convert your space in a bright studio in no time.
But before you put up ads on the internet and start interviewing potential tenants, here are some tips that you should be aware of.
1. Ignorance of Law Is No Excuse
While some cities allow you to alter your property’s design, many do not allow homeowners to make any changes in the initial design without prior approval. The authorities may also put a limit on the number of people and/or households allowed in one home. You have to be aware of these regulations before you decide on converting your basement into a rental unit to avoid any penalty in the future. In this regard, you can also avail the services of professional basement remodeling companies as they are more aware of the rules and regulations.
2. Consider the Time Required for Renovation
If you’re a busy bee and planning to work on the remodeling project over the weekend, you’re making a big mistake. Even small home repair work requires a large amount of time, and we’re talking about converting an entire basement into a rental unit. Of course, it will require sufficient time. In addition, you’d also have to put aside some time to market your newly renovated space and interview potential tenants. In fact, for every new tenant, you’d have to take them on the tour of the house and have a brief QnA session with them. Consider all of these things before signing up for the remodeling project.
3. Plan the Renovation
If you’re intending to list your space on a rental site, you’ll have to make sure that space has a proper kitchen and a bathroom. For this, you should determine what’s the current shape of your plumbing. This step is all the more important if you haven’t used the space for a long time.
4. Outside Access
When you have someone else living in your home, it is better that you have a separate entrance. Both of you won’t feel comfortable barging in on each other’s spaces unannounced. What if you’re away for the weekend and you’re not sure whether leaving the keys to your space is safe? There are hundreds of other valid fears that you may have. While many homes already have outdoor access to the basement, you get one built if your house lacks this feature.
Converting your basement into a rental unit is a good way to put your unused space into good use. But beware of your city’s regulations to avoid any violations. For all purposes, it is better to consult with a professional basement remodeling company so that all work is done smoothly.