Need Cash? Basement
Apartment in 5 Easy StepsWish that Your Unfinished Basement was ready for Apartment Rental?
View these steps in
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1. Research
and plan and understand what you want to achieve. Don't forget safety and
comfort. Add storage wherever you can. The laundry room can be a bathroom since
the plumbing is already there. Stackable washer/dryer
combinations are meant for small spaces. A second entrance? Expensive but worth
it. Have your tenant come and go independently.
2.
Do it
Right. Make sure the by-laws in your area allow for a rental space.
Also
a building permit is required for a basement suite. Plan on required inspections
throughout the process. City of
Calgary's building inspectors are there to help if you have questions. Don't
expect same-day approval and depending on the complexity of the renovations it
could take weeks. Changes you make to your home must follow code. This is
especially important for the re-sale value of your home.
3.
Hire
professionals.
You
may do some easy tasks like framing a wall or even dry-walling but leave the
plumbing and electrical work to the experts. Don't forget to get quotes in
writing and a signed contract. Ask about clean up. Who pays for taking debris
to the landfill?
4.
Expect
problems and delays.
Not
every home is perfect and each professional works according to their style.
Prepare to adapt. Your tired old house may have cracks, crooked walls, tiles
that won't line up and doors that won't close. Buy durable and reliable. Do it
right so that your tenant won't be calling every week with a problem.
5.
Start
Early - Biggest Return on Your Real Estate Investment!
A renovation on your home, if done right, is
never a waste of money. Having a rental suite works in any economy and every
market. A renovation that costs $24,000 sounds pricey but if you get $1,000 per
month it's paid off in two years.
Need more advice from a Real Estate professional?
Call Chris 403-680-4479
Need professional renovation experts? EdraPro is
the new way to go. Visit: http://edrapro.ca/ Check
out the Platinum Package for the best deal on renovations.
