When you are a homeowner, you own a piece of real property and real estate that has its own value to you. But in addition, your property has the potential to earn you income when you can rent it out to a tenant, as long as it has specific characteristics. Here are some tips to help you add an income suite to your home property to make sure it has the right features and characteristics to make it a profitable income suite.
Look at Rental Potential
Your home's basement can provide the perfect location for a rental unit within your property. The space is separate from your living area and you can alter any existing entrance to provide private access for your renter. So, if your basement has its own backyard or side entrance, for example, this will provide you the opportunity to seal off the basement's entrance to the rest of your home so you can keep this unit separate from the main floor and any upper floors.
A basement that has one to two bedrooms can provide a renter with the space they need for sleeping, then any main room provides a good opportunity to use as a living space and a kitchen and dining area. And if you don't have a basement entrance, you can add one or adjust the main floor entrance to allow for a separate entrance to the main floor and into the basement.
Add Rental Unit Updates
After you have determined the areas of your home basement and property that will work as a rental unit, you can begin to make plans to make the needed adjustments to complete its preparation. Talk to a local contractor about adding any additional walls to separate your basement into any additional rooms or to separate the main living space into a living room and a kitchen. If you need to remove a wall to open up the space to adjust it into a rental suite, make sure with the contractor that the walls are not load-bearing walls.
You will also need to add in a kitchen or kitchenette, with cupboards, countertop, a sink, and a stove and oven. Your basement remodeling contractor can help you work out a floor plan to best fit all the accommodations you need for a great rental space. For example, make sure each basement apartment bedroom contains a closet, and the bathroom includes a shower with a tub, and a vanity, sink, and toilet.
