Finishing your basement or remodeling it to become a rental space is an exciting way to earn income. A large basement may be turned into a fully functioning apartment as long as certain basic needs are met. Here is what you need to think about when you are considering this option.

The first step would be to hire a professional, like us, to help you with the process. We will assess your basement and tell you what needs to be done. We will also make sure that the space is up to code by the end of the project. If it’s not up to safety standards we will need to make it a safe environment and properly seal it off from any potential water damage.

ADD A DOOR AND WINDOWS

Two great additions that are required when turning your basement into a rental space are adding a separate outside door and windows if possible. A private entry way for tenants and their guests is very important. Many people will want their privacy and be able to come and go as they please, without disturbing you and your family. Building codes also require an exit door to the outside from the basement.

Add some windows if at all possible. Windows will make the rental space feel more like a true living space by providing natural outside light. They help create a warm atmosphere and open up a space that naturally feels dark and cold. A nine-light entry door may be a great option for introducing natural light if there is no other space for windows.

FUNCTIONALITY

You will need to add a fully functional kitchen and bathroom. This will be your tenant’s home and it is necessary for them to be able to cook and have their own private bathroom for their needs. If you have enough room you could also add washer and dryer hookups near the kitchen area, this will be much more convenient for your tenants, allowing them to not have to go to the Laundromat. 

Consider offering a fully furnished rental space. This is great for young people just moving out of their parents’ home and don’t have much furniture. It will also add value to your property and you can then charge more per month, or weekly, for the space. 

SOUNDPROOF

Soundproofing the space is a must. You don’t want to disturb them, and it’s likely that they don’t want to disturb you. This will allow you and your family and your tenants to be comfortable listening to the radio or watching TV, without disturbing each other. You need to also think about setting up boundaries and rules. If you have children in the house you may not want the tenant to come around them very often, unless you personally know the tenant.

If you think refinishing your basement as a rental space would suit your needs, give us a call. We will answer any questions you may have and help you throughout the process. We would love to hear your ideas and help you create a rental space that you can proudly share with tenants who need a place to live.