Turn Your Old Basement Into An Income Generator!

6 November 2014
 Categories: , Blog

Share

You have a big basement and its filled with stuff. Maybe there is a washer and dryer in the corner, but everything else is just storage space. You see so much potential, but don't know what to do.

Does this sound like you? If it does, then consider turning your basement into a small apartment and renting it out. It's something that will improve the value of your home and also provide you and your family with income.

How Do I Get Started?

The first step is to clear out your basement. You want to make sure you have an idea of what the layout is going to be. If you are really only using your basement as a storage area, then look though the stuff you're keeping down there. Do you really need it? Or is it lots of old newspapers, tools you never use, and other similar stuff? If there are things you want to keep, then put them aside. Everything else should be thrown away.

Have A Consultant Come In

Even if you are a do-it-yourselfer, it helps to have an expert, such as Able Homes Renovations, come in and go over the procedure with you. Some things, like putting up drywall sound easy, but there are little bits that first time builders forget.

For instance, you might frame a wall and put up drywall, only to learn that you did not leave a large enough gap between the basement wall and the drywall. This can cause condensation to build up on the inside surface of the drywall. That will lead to mold. Mold is an expensive problem to have to deal with. Consulting with a professional basement development company can help you avoid all these pitfalls.

Lights and Water: Oh My!

Once you get into plumbing and electricity, you are really going to see where the value in experts comes is. If you are turning your basement into an apartment for potential renters, you will need to have a bathroom, kitchen, and of course lights.

Plumbing might require smashing though the concrete wall. Rewiring new outlets can be a tricky task for those who have never done it before. So these are things that you will want to get assistance on.

Is It Worth It?

It will cost money to rehabilitate your basement and turn it into an apartment, but it is definitely worth it. You can rent it out and see almost immediate returns on your investment.

In certain areas, such as Vancouver, rents are rising dramatically. This means that you will be able to get a very nice income from your newly developed basement.