If you are looking to generate some extra income, renting out a finished basement apartment may be an excellent option. Toronto real estate prices are currently very high, meaning that the extra rent generated could potentially be very profitable. However, it is important to design finished basements appropriately so that they will be convenient and desirable to tenants.
Your first concern should be convenience for you and your future tenants. This will vary based upon your home’s floor plan and upon your personal preferences. You should design the floor plan and points of egress such that a tenant can come and go with minimal disturbance to the rest of the household, and preferably such that a full bath and laundry facilities are available within the basement.
It may be best to consult a professional to make sure that you’re going about things properly. Fortunately for basement renovations Toronto residents have many qualified basement design professionals available.
Design and Decorating
Finished basements are of course an absolute must, and you will want to have a basement design that lends a homey feel but is also generic enough to appeal to a wide variety of tenants. Generally for finished basement flooring, carpeting lends a warm, home-like feel. Neutral and complementary tones on the walls, door frames, baseboards and molding create a comfortable environment and coordinate nicely with most furnishings or other personal preferences that a tenant may have.
Again, it’s best to consult a professional if you are unsure here. The last thing you want to do is invest in a basement remodel only to have it be unappealing to potential tenants and thus difficult to rent out. Fortunately for basement renovation Toronto residents have many available qualified contractors.
Renting out your basement as an apartment may be an excellent way to generate extra income to help pay your mortgage, and a basement apartment can also increase your home’s resale value. However, make sure that a basement apartment is compatible with your lifestyle, and plan your basement design carefully.