How to convert your basement into a rental unit?
Are you looking to make your basement work for you? Converting your basement into an apartment or rental unit is a great way to earn extra income, and you could get back your initial investment and continue to have extra money to use as you need it.
So, if you rarely use your basement, you may want to consider turning it into something useful, profitable and renting it out is the solution.
First of all, Ensure that you can legally make an apartment in your basement
Check whether basement rentals are allowed in your region before you begin the process of renovating the basement to make it ready for rental.
Some municipalities have no restrictions on what you can do with your property, while others require you to follow certain zoning laws and regulations.
Turning your basement into a rental unit isn’t the same as finishing your basement, you need to make sure you have the necessary areas in your basement apartment:
- Living room
- Full bathroom
- Kitchen & Dining area
- Storage area
Basement apartment Size & Design
The apartment size and the design you choose may affect the number and type of rooms in your basement. It can also affect how much a tenant can pay you to rent your basement.
You can charge more rent if you have more rooms, but this does not mean you should create as many rooms as possible. Keep in mind that basement space and design should be complementary, that’s mean choose a layout that perfectly fits your basement, regardless of the number of rooms.
What are the main steps for converting your basement into an apartment or rental unit?
- Make sure your basement apartment plan includes a separated outside entrance: for legal reasons, fire safety and your renters’ convenience, you should Install an exclusive exterior entrance.
- Install a separate heating and cooling system: Separating your new basement apartment’s utilities from the main house will allow you to easily split bills or turn them off.
- Insulate the walls, floors and ceiling: Make sure that the floors and ceiling in your apartment are proper with waterproof and thermal insulation.
- Soundproofing installation: This is not a mandatory step, but it is very important for your comfort and the comfort of the tenant as well. There are many ways to soundproof.
- Set up the required electrical and plumbing systems.
- Add Moisture Protection
- Consult a professional Contractor: to give you right information and help you turn your basement into a complete apartment withing the budget.
How much does it cost to convert a basement into an apartment?
Any home renovation project can quickly add up if you’re not careful. You need to be careful when you undertake a home renovation project. In order to avoid spending too much money on your basement installation, it’s crucial to understand what’s needed as well as the estimated cost of the project. The cost for remodeling the basement can vary quite a bit. Your choices will be heavily influenced by how your basement is currently configured and whether or not you need a kitchen, a bathroom, and other essentials. Your budget is a major determining factor when it comes to knowing what you can do with your basement space
It’s highly recommended to consult a qualified contractor who can help you in identifying your needs, discover your options and understanding the cost & required funds.
Contact our Basement Finishing experts in order to start your basement finishing mississauga project
Things to keep in your mind:
Setting a budget is an important first step in creating a basement apartment.
If you already have a finished basement, you can expect to spend much less than if you were starting from scratch.
Budget depends on several things, including the quality of the materials, basement size, required layout, basement repairs and improvements and others.
Before you begin, check how long your contractor will take and if it fits with your schedule and plans.
Duration depends on budget (the more you pay, the faster you get your work done), it also depends on number of workers, quality of finishing and basement size.
- Talk to a Contractor
Once you know what you’ll need and how much you’re willing to spend, it’s time to consult with a contractor. Your contractor will be able to help you plan through the execution phase of the project. A consultation will help to identify crucial components of your home, such as the exterior entrance, the layout, the installation of separate heating and cooling, plumbing and electrical systems, and proper insulation and waterproofing. By doing this, you will get a better perspective on the renovation before diving into it.
- Give Us a Call!
If you have questions, concerns or need any advice on your basement project, feel free to contact us! Our team is happy to help in your Basement Finishing Mississauga