Remodeling a basement is a relatively easy and cost effective way to add livable space to your home, but can also potentially add a revenue steam for your income. If your basement is large enough, and allows access to plumbing and electric, it may be the perfect place to build a small apartment to rent out. With just a small kitchen, bathroom and bedroom, you’ve created the ideal place for a young college student, working professional or vacationer to feel at home while subsidizing your income.

Before you plan to create an apartment in your basement, it’s important to research the laws and other restrictions regarding renting out this space. Commonly referred to as an “accessory dwelling unit” you’ll want to check in your city and county zoning codes, your home owner’s association guidelines and also your state laws involving property rental. In many cases, it’s illegal to rent a basement without its own windows and ventilation and you may be required to register your basement as a separate postal address to properly file taxes. Be sure to check on all these legal requirements BEFORE you being your basement remodeling project, as there are likely special building codes that will need to be accounted for in your designs. Remember you’ll also be taking on all of the legal responsibilities of a landlord, so be prepared to deal with any pluming, pest, electrical and other issues that develop for your basement tenant.

Once you’ve decided that renting out your basement is right for you, you’ll want to try to make this space as appealing as possible to potential renters. Check out other apartments in your area to get an idea of the prices and the amenities being offered, so you can decide on what price you’ll offer for your space. To maximize your bargaining power, you’ll want to ensure your basement apartment is as close to a traditional one as possible. This includes ensuring an entrance that’s separate from the main house, installing higher-power lighting to counteract the natural darkness of a basement and providing a small, independent climate control system that allows the your tenant to control the temperature in their unit. Another important addition is sound proofing, which can help your tenant feel as though they have their own space.

The last step you’ll want to take before renting your apartment is to screen the potential residents you plan on renting to. Request copies of bank account balances, tax returns and perform a credit check to make sure that your potential renter has the capacity to pay reliably and has a record of paying on time. You may also want to do a criminal background check, and conduct interviews to ensure you’re comfortable allowing this person to rent a space in your home.

To ensure your basement remodeling project produces a high-quality, stylish apartment someone will want to call home, it’s a smart idea to hire a professional contractor. With their assistance, you can be sure your basement apartment is up to code and will stand the test of time.

Christopher Behan is a professional writer specializing in the home improvement industry. His writing focuses on basement remodeling, replacement windows, sunrooms, and other home remodeling products and services, and his work has been featured on multiple home improvement websites.

Christopher Behan is a professional writer specializing in the home improvement industry. His writing focuses on basement remodeling, windows, sunrooms, and other home remodeling products and services. His work has been featured on multiple home improvement websites. http://www.1800basement.com/

Author Bio: Christopher Behan is a professional writer specializing in the home improvement industry. His writing focuses on basement remodeling, replacement windows, sunrooms, and other home remodeling products and services, and his work has been featured on multiple home improvement websites.

Category: Home Management
Keywords: basement remodeling