CONVERTING YOUR BASEMENT INTO A RENTAL SUITE
12 Feb

CONVERTING YOUR BASEMENT INTO A RENTAL SUITE

Most basements are primarily used for storage and if you’ve ever considered turning yours into a rental suite, you should know that it does take a lot of planning and a whole bunch of work, probably way more than you’d think!

If you’re considering putting your basement to “work”, keep in mind it can be like opening a can of worms, and getting the appropriate permits can sometimes take months.

Step One is trying to determine if it can even be done, because realistically, if it can’t, you certainly don’t want to be wasting your money, or your time!

Step Two is to check with your local municipality and educate yourself about the regulations/rules re turning a basement into a rental suite.

Step Three once you find out you can move forward, is to go to a professional to have project plans done to code, and you WILL need plans; without them you can’t get permits, and if you don’t have permits, well hey that’s a whole other blog post!

DID YOU KNOW that if you start work before getting permits that you can be ordered to stop everything and/or even remove any finished work for inspection; the plus side of getting a permit is that the municipality will send an inspector to ensure the work is being done properly.

Certain requirements for a basement conversion include having a safe and unobstructed exit, especially in case of emergency!  If your basement doesn’t have a safe exit, your project will likely become very expensive very quickly, and plans will need to be drawn for a separate exit.

There could be limits on the number of people that are allowed, parking requirements, and fire escape routes just to name a few.

Fireproofing is another essential thing to consider.

Soundproofing is another important consideration so sound doesn’t travel from the basement up.

Obviously things like electricity and plumbing could mean re-wiring and changing out the electrical panel, or even going through the concrete floors to run sewer lines for a new toilet and bath/shower.

Ask yourself if you have what it takes to be a landlord, or maybe using a property management company might be in your best interest.

THE BOTTOM LINE…

Just remember that it’s crucial to do your homework; invest in getting the right drawings, and above all, ask lots of questions because you never know, it could turn out to be a massive project that could take years to recover both financially, and emotionally!  Keep yourself involved in the reno; it’s your house and your money!  If you’re up for some extra stress, bring on the renovations ahaha!

“Living through a home renovation is like living in the wild, you do whatever it takes to survive” | Author Unknown