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{"id":666,"date":"2015-08-06T14:41:09","date_gmt":"2015-08-06T18:41:09","guid":{"rendered":"http:\/\/grandprojectcontracting.com\/?p=666"},"modified":"2015-08-06T14:41:09","modified_gmt":"2015-08-06T18:41:09","slug":"how-to-transform-your-basement-into-an-income-property","status":"publish","type":"post","link":"https:\/\/grandprojectcontracting.com\/how-to-transform-your-basement-into-an-income-property\/","title":{"rendered":"How to transform your basement into an income property"},"content":{"rendered":"

The basement of a house was often an unused space, but today, more and more homeowners are choosing to finish their basements to have even more space in the home \u2013 a place to entertain guests, a place for the kids to play.<\/p>\n

A basement is also the key to generating extra monthly income, which is a great opportunity for first-time homebuyers and empty nesters who have that extra space they don\u2019t need just yet.<\/p>\n

Transforming a basement into an income property is not a DIY project. It requires the skills and expertise from an experienced basement renovator, for there are specific construction requirements that must be met to make the basement livable for a tenant.<\/p>\n

Correct foundation problems<\/h3>\n

The first step in building an income suite is to prepare the basement foundation if it\u2019s cracking and flaking off. Signs of failing foundation include vertical cracks and sinking foundation corners. While the sinking foundation corners are visible, foundation cracks are not always visible to the naked eye and as a result, a homeowner may not think there\u2019s a problem to fix. However, water can easily get through even the smallest cracks, which is why a basement renovator should inspect the house before any renovations begin.<\/p>\n

Make sure there\u2019s adequate plumbing<\/h3>\n

A basement suite must be fitted with necessary amenities, including a fully functional kitchen, bathroom and washer and dryer. Each element requires proper plumbing. Existing basement plumbing should be inspected, for the pipes could be corroded and leaking without your knowledge.<\/p>\n

Follow zoning laws and code<\/h3>\n

Every city has specific zoning laws and building codes that must be abided by for any home renovation, especially when it comes to building an income suite. These codes and regulations are in place to ensure residents\u2019 safety. They can include any of the following:<\/p>\n