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:
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.