Real Estate

Turning your basement into a rental suite in your home is an excellent way to bring in extra cash

A basement suite has its own entrance and is self-contained, with a kitchen and bathroom. This means you nor your tenants will have to share amenities or rooms. As a result, you may not even feel you’re living in the same house. When you hear the term “basement,” what comes to mind? The negatives are the first thing that comes to mind. We’ll change that in this article by listing all of the benefits of basement into a rental suite.

No matter how big or wonderful your house is, it is safe to say that deciding whether or not to convert your basement into a rental suite is a tough decision. This is because unforeseen issues and circumstances often unfold later down the line. So, while it can be an excellent idea for some, it can be an outright catastrophic choice for others. With that in mind, here is a list of the pros and cons for turning your basement into a rental space.

Advantages & Disadvantages of Basement

Moisture Might Be an Issue

Basements tend to retain more moisture because they are built underground. Mold and pests are unfortunately associated with increased wetness. Investing in a dehumidifier can help you avoid this.

Basements Are Not Ideal for Flood-Prone Areas

Although all basements are prone to flooding, you should be especially cautious if your community receives a lot of rain and your yard slopes towards your basement. Always check to make sure your basement is flood-proof. This means that the basement will have a tar sealant on both the inside and outside of the foundation walls. A “weeping tile” is a device that diverts water away from your home and into the sewer system.

In the summer, basements are cool, but in the winter, they are cold

It depends where you live; this can be a pro or a con. Because heat rises, basements will remain chilly during the summer months. This does, however, indicate that it will be cooler in the winter. Make sure your doors and windows are correctly sealed and don’t discount the magic of space heaters. Another advantage for your wallet: the electricity bill is less expensive and allows you to save on AC. It is well known that it is cooler underground! It will be the same in your basement apartment. The hot days will seem lighter, and you may be able to leave your air conditioner aside too. It’s  an excellent way to save on your electricity bill. In addition, your outdoor space usually offers you more shade and an enviable sense of privacy that the units above do not have!

Prepare to Have Minimal Light

Every room in a basement apartment is obliged by law to have a window. However, there are no restrictions on the size of that window, so it could be as small as a sliver. Those of you who thrive on sunlight and natural light may want to avoid basements – even on the brightest days, trees, shade and even other people’s cars could end up blocking the sunlight.

You’ll Save Some Bucks

Because not everyone prefers to live in a basement apartment, it is often less expensive than a typical apartment in a more desirable location. And  If you have upstairs neighbors, your landlord may stipulate you to split the gas/electricity bill with them, which can save you money. Ultimately, if the location is most important to you, basement apartments are a great way to get a good location while paying less.

You’ll Have a Private Entrance

Introverts rejoice; basements often have their separate entrance from the rest of the house. Sometimes, this means only one tiny flight of stairs, making the move-in process a lot easier.

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