Landlords in Pickering who want to add to their earnings may want to consider taking advantage of a space that often goes unused: basements. By investing in basement finishing, they can produce an additional space to rent to families or individuals. Over time, the income stream from this extra apartment can add dollars to their pockets.
Considerations When Moving Forward with Basement Finishing Projects
Of course, most basement areas are not immediately ready for tenancy. And it’s always critical to get approval from the zoning authorities before beginning any work. Barring any problems with having more tenants in a property, the landlord can then expect to proceed with some or all of the following steps:
- Make sure the basement is completely waterproofed. This is a practical measure that will ensure that no moisture can leak into the space to be redone. Waterproofing professionals like The Crack Doctor are available to give free estimates before the project begins.
- Install energy-efficient windows in the basement to add as much natural light as possible. If windows are not practical, plan to have plenty of lighting options so the apartment will feel open, rather than dark.
- Working with a designer or contractor to set up the space for a rentable unit. This means having a bathroom and kitchen or kitchenette, as well as the proper ventilation necessary to prevent fire hazards. It’s always a good idea to work with an expert who has finished other basements for landlords, or for residential use.
- Choose light, neutral colors for the walls, carpets or flooring, and any appliances. This will give the impression of spaciousness and cleanliness to any potential tenants, increasing the odds that the unit will rent quickly.
- Make certain the entryway and exits are up to code, and are fitted with appropriate locks.
By conducting some due diligence, landlords can reap long-term investment money streams from the basements in their properties. This can make a significant difference in their ability to build personal wealth over the coming years. And if they decide to sell the home or building in which their apartments are located, a potential investor may be more attracted to a structure with a usable basement living space.
Want to take advantage of The Crack Doctor’s complimentary assessment of your Pickering basement? Contact their offices today.