How to Turn Your Basement into an Income Property

 


Start generating an additional income through your basement

Renovating your basement into an income property can help to supplement your income. A wise investment, a useable, livable basement not only can be rented out as an apartment if properly permitted, but it offers a 93 percent rate of return at resale.

Whether you are using a loan service like LoanSource.com or digging into your savings, in order to get the most bang for your buck, there are a few key transformation details that must be completed in order for tenants to pay top dollar for the rental space.

Here are the top five tips to adding the most value to your basement space so you can add the most money to your wallet:

1. Kitchen Space

One of the most important aspects of a rental property is having a working kitchen. It will be a huge drawback if a renter’s only option is take-out and a mini fridge, or sharing a kitchen with you and your family.

When fitting a kitchen into the space, be creative about your options. Since most basement areas are usually the size of a traditional flat, look for ways to add space to the kitchen that do not take away from the living space. For example, look into moveable under cabinets that act as portable islands. They provide extra storage, additional counter space, and can be stored out of the way. And, opt for mini appliances; they take up little space but tenants will appreciate having an oven, stove, and fridge at their disposal.

2. Sound Proof

For both homeowners and renters a sound proofed basement will be worth the expense. The privacy adds to the value of the income property, for renters will feel as though they are living in a detached place. And, both parties will appreciate not hearing any noise from above or below.

3. Outdoor Entrance

An indoor only entrance to the basement can be awkward, tricky, and a disadvantage to the rental space’s value. Access to the space from the outside adds privacy to both parties, and is significantly more attractive to renters, for an outdoor entrance allows the space to feel entirely separate, instead of a home within a home.

4. Windows

For a basement to be up to rental codes, it must have accessible windows that are large enough a person could escape through them if they were in danger. And, windows are also visually appealing, for they bring light into the otherwise dark space. Adding in windows for light will open up the space and make it feel more like a typical apartment or flat rather than an underground basement. While outfitting the space with windows might be expensive, it will be worth the return investment.

5. Decor

Lastly, it’s important the basement feel welcoming to any tenant. Stick with bright, light colors such as cream, beige, yellow, white, or a soft blue. And, consider renting out the space furnished. It sets the unit apart from other available places, and it allows you to charge a little more for rent.

Print Friendly
 

Leave a reply

Your email address will not be published.

How to Childproof Your Home

Preparing your home before your baby gets mobile Raising a baby is a busy and stressful time and the first few months can fly by. Before you know it your bundle of joy is on the m[...]