Many homeowners are looking for ways to make some extra cash these days and are turning to their own homes to do so. Those who live in crowded urban areas or near college campuses are in particularly good areas for finding individuals who would be willing to rent a room or a cottage from them. An even better solution is to turn an unused basement into a completely separate apartment that can allow both you and your renter to live private lives. Here are some tips for accomplishing this.
Check into Legal Issues
Before you start any big changes, you must check with your state or local government to determine if there are codes that you need to follow or permits that you need to purchase. Local zoning codes may put a barrier on how many people are allowed to live in a single dwelling and what type of fire escapes must be in place in your basement.
Create a New Entrance
Once you have determined that you are on the right side of the law, you must begin by creating a separate entrance. This will give both you and your tenant the privacy that is so important to good neighbor relationships. At the same time, ensure that you have the appropriate egress window that is required for basements where someone is going to be sleeping.
Add the Right Rooms
Next, you must ensure that your basement apartment has all necessary rooms to attract a tenant. At a minimum, you must have a kitchen, living space, bedroom, bathroom, and storage area. You may also want to include a laundry facility and dining area if you have space.
Finish off the Floors
Basements are typically cold and moist, and you will want to consider this when planning your floors. In general, it is best to keep solid concrete floors that are well-finished, such as by choosing epoxy flooring for homes that can be bonded to concrete. Be sure to layer plenty of rugs on top especially in living areas to combat cold feet.
Once you have your basement apartment completed, consider how you want to list it. There are numerous Websites on which you can post rental listings. Be sure to take photographs of your place, and chat with a professional if you are unsure how much your rental price should be.