If you have a basement in your house, you can put it to use in a number of ways. You could convert it into an extra bedroom, a living room, a game room or a wine cellar. Many owners convert their basement into an apartment which they can rent out for some extra income.
In this blog, we will explore few steps through which you can successfully convert your basement into a rental apartment.
Make sure its legal
There are many municipalities that do not impose restrictions on what you choose to do with your property. However, there are others that require you to abide by zoning regulations and laws. Some of these codes levy strict restrictions on parking spaces, number of tenants and fire escape plans.
Some areas do not allow basements to be used as legal dwellings. In such areas, in order to utilize the basement, you have to file a case with the zoning board. Furthermore, the basement space would have to adhere to the city codes and regulations.
A separate door
If you are planning to let your basement out for rent, make sure there is a separate entrance for your tenants. This will remove the need for them to breach the privacy of your house every time they need to get into their own apartments.
Almost all basements are below the foundation of the home. In such scenarios, the easiest way to build the door is to dig down and add a staircase leading up to the entrance. If you are dealing with less space, you can always install a circular staircase. Not only is the latter visually stimulating and aesthetically appealing, it is also an extremely efficient use of small space.
Fix the renovation budget
If you have decided to remodel your basement into a rental apartment, you will incur a cost of renovation. Before embarking upon the expenses, make sure you weigh your cost against the return on your investment.
Extensive refurbishment might not only give your basement a stellar look but also add substantial utility to it. Having said that, there are 2 sides to this coin. On one hand, a brand new basement apartment will fetch top dollar in the rental market. On the other, substantial costs expended during renovation will prolong the time span before you break even on the rent.
A kitchen is perhaps the most important room of an apartment so make sure your basement has one if you are going to rent it out. Please note - a kitchen in the basement will never be as large as a normal sized kitchen of an average home. Having said that, it should have enough space to fit some basic necessities such as a minimal counter space, a mini-fridge, a small oven and a stove.
If you convert your basement into an apartment, not only can you use it yourself as an extension of your home but also rent out the same to earn some extra income. If you are an inhabitant of the state of Georgia, US and looking for basement remodeling in Atlanta, you will be pleased to know that there are plenty of construction companies in your area who provide quality services at affordable rates.