Did you know there’s an unused space in your home that may hold the key to generating monthly income and improving your equity? Turning your basement into an income suite is a great option for many homeowners, including cash-strapped first time home buyers, as well as retired empty nesters who have more space than they need to live in.
We spoke with Remon Hanoun, President and CEO of HomeReno Direct, a renovation company specializing in bathroom, kitchen and basement renovations, about how to turn your basement into an income generator.
Follow the law
Municipal bylaws state that basement suites must have a separate entrance and a second fire exit – typically a window. Windows must occupy 10 percent of the total living space. If you have a bedroom in the unit, the bedroom must have a window that makes up five percent of the total square footage of the room. This is for safety reasons, to allow an individual to escape through the window in the event of an emergency, such as a fire. If possible, Hanoun recommends larger windows since these will help let in more natural light, creating the feeling of being on the main floor rather than down in a basement.
Cut down on noise
Noise transference is a primary concern for homeowners who are considering making a basement suite. To cut down on noise, Hanoun recommends insulating the basement ceiling with noise reduction insulation. “It’s not a big cost to incur, and it’s a big plus for the comfort of you and your tenant,” he says.
If you have any other concerns pertaining to basement renovations for the purpose of creating an income suite, call the experts at HomeReno Direct!
Consider your tenant’s wish list
At minimum, your rental suite will need a kitchen and a three-piece bathroom, but there are other considerations that could improve the attractiveness of your unit, such as separate laundry and backyard access. “It’s great to give them access to the backyard so they can barbeque in the summer,” says Hanoun, adding this might increase the amount of rent you could receive from your unit.
Interview potential tenants
“When renting a basement, you’re living in close proximity with your tenants,” says Hanoun. To ensure you get along with your tenant, Hanoun recommends meeting prospective tenants face to face to get a feel for them. In addition to getting a credit check, asking references about the prospective tenant’s personality will also help you determine if you want this person to live in your home.
Here are some other questions to consider asking during the interview process:
Make the most of your basement by turning it into a money-making property. Contact the basement suite experts at HomeReno Direct. Visit their profile on our website for an extensive gallery of home renovations. They’re sure to inspire plans for your future income suite.