Converting your basement into a rental suite is a great way to earn extra income. If you rarely use your basement, think of turning it into something profitable in the form of a mortgage helper.

To create a basement apartment, there are  several aspects you need to consider. This blog will take you from the design stage to finding your tenants.

Designing a Basement Suite

Ensure You Can Legally Convert Your Basement into a Rental Suite

First of all, municipalities will require you to abide by certain zoning laws and regulations. The most common zoning codes address the number of tenants allowed to occupy the suite, the square footage legally permitted, fire escape plans and parking requirements. You will need to be compliant with city codes and regulations.

It may be necessary to alter aspects of your renovation. Know ahead of time because you can avoid time-consuming and expensive revisions later in the process of building.

If you are considering doing a basement conversion for an in-law suite, it is in a different category from a rental suite.

Determine the Cost to Convert Your Basement Into a Rental Suite

Setting your budget is an imperative first step in the initial plan. Budgeting for the project will help you establish whether the costs will outweigh the benefits.

Create Your Floor Plan

Analyze the square footage of your basement and determine if a one or two-bedroom floor plan is most suitable. Design a layout for your basement suite using your measurements. Create a floor plan to serve as the foundation of your renovation. You’ll need a living room, kitchen, at least one full bathroom, at least one bedroom, a dining area, closets, laundry and storage space.

Consult With a City Approved Contractor

If you are not an experienced renovation/construction expert, you will need to consult with a city approved contractor.  Think of hiring a professional to do the plumbing, electrical and insulation work. You may also need assistance with drywall installation and professional painting. Be sure to have a legal contract for the work to be performed.

Exterior Entrance to Basement Rental Suite

For fire safety and your renters’ convenience, you should include an exterior entrance separate from the upper portion of the house. It will also give you more privacy and security.

Enable heating, cooling,  electrical and water with independent systems

Separating your new basement suite’s utilities from the main house will make it easier to split the bills. You will also be able to turn the heating and cooling off if the space goes unoccupied for a long period of time. Split utility costs for electricity and water as well.

Insulate and finish the walls, floors and ceiling

If working with an unfinished basement, be sure your basement suite is up to code with proper waterproofing, insulation and flooring.

Flooring Material

Carpet is usually the best option for a cold basement floor. You will need to create a warm, comfortable environment.

Also, basements are prone to moisture or flooding, so consider waterproof flooring. Vinyl and tile are good options for a basement suite.

Keep in mind that for hardwood flooring installations below ground level, you will want to use engineered hardwood instead of solid hardwood. Certainly, engineered wood is more resistant to the temperature and humidity changes.

Click-together laminate performs well and is most economical. Put down a plastic vapor barrier over the concrete, and place the laminate over the top.

Amenities to Install When Creating a Basement Rental Suite

A personal, designated laundry room is extremely beneficial to your tenants and can allow you to charge more for your rental. Even a stackable washer and dryer in a closet space will work.

In the kitchen, a dishwasher and microwave along with the refrigerator and stove, would be a great addition and  add to the desirability of your rental.

Hardware, light fixtures and faucets should be upgraded when converting an older basement to a mortgage helper suite. Use recessed lighting throughout the suite to create a lighter, brighter atmosphere.

A cozy gas fireplace in the living room is a big plus when renting a basement suite.

If you are installing or renovating a bathroom, be sure to install a bath with a shower. This will improve your chances of renting.

Basement Rental Suite Design

An open concept kitchen and living space close to the entrance, are an ideal design for a rental suite. Seven foot ceilings are the most desired height.

Paint the walls with neutral colours on walls.  A white ceiling will work best with any natural light and will make rooms look fresh.

Finding Tenants for Your Rental Suite

Take photos of your finished space with a professional camera. Show off your hard work to the maximum advantage by using good lighting and flattering angles.

Finally, upload your photos and information including a detailed description, square footage, location, local amenities and the rental price to  listing websites.

Warning-Be sure to have more than one adult present and involved in the interviewing process while showing your suite. Use caution and acquire references if possible.