{"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":"<p>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<p>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<p>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<h3>Correct foundation problems<\/h3>\n<p>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<h3>Make sure there\u2019s adequate plumbing<\/h3>\n<p>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<h3>Follow zoning laws and code<\/h3>\n<p>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<ul>\n<li>How many people can occupy the space at one time;<\/li>\n<li>Parking requirements;<\/li>\n<li>Fire escape routes.<\/li>\n<\/ul>\n<h3>Access points<\/h3>\n<p>You want to give your tenant access to the outdoors from the basement. If your home is already fitted with that access, then your basement renovation is off to a good start. If, however, your home doesn\u2019t have a built-in door, it\u2019ll have to be built into your basement renovation plan before construction begins.<\/p>\n<h3>Maximize lighting<\/h3>\n<p>Natural light is hard to come by when it comes to a basement. A combination of window wells \u2013 a window recessed into pockets of the foundation that let in natural light and allow for water drainage at the same time \u2013 can transform an otherwise dark basement. But a basement renovator with experience will know other tricks to incorporate lighting into the basement, including fluorescent bulbs or dimmable halogen lights that produce natural light in areas where it\u2019s needed the most.<\/p>\n<h3>Don\u2019t forget about the kitchen<\/h3>\n<p>The kitchen is an essential aspect of a basement suite. Consider dedicating a good portion of your budget to building a nice, functional, sturdy kitchen. Think granite countertops and good quality appliances. Let the kitchen stand out in your newly renovated bathroom.<\/p>\n<h3>Let the bathroom shine<\/h3>\n<p>Like the kitchen, a basement bathroom is next most-important room in a basement suite. The bathroom should be designed in such a way that it maximizes space without letting tenants feel cramped.<\/p>\n<p>Consider retrofitting the bathroom with a vanity that offers a lot of storage and a shower with plenty of water pressure.<\/p>\n<h3>Think about your tenant\u2019s needs<\/h3>\n<p>Remember, you\u2019re transforming your basement into an income suite for a potential tenant, not for yourself. That\u2019s why it\u2019s important not to build the space according to your tastes and personality. The basement should be built in such a way that will attract renters; it should be a functional, open-concept space that isn\u2019t overly trendy.<\/p>\n<p>Let Grand Project Contracting transform your basement into an income-generating suite that you\u2019ll benefit from long after tenants have moved out. We specialize in basement renovations and are equipped with the skills and expertise to both design and build your basement.<\/p>\n<p>Check out our portfolio online and get inspired by the basement renovations we\u2019ve already done, then let us inspire you with our ideas for your basement!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. A basement is also the key to generating extra monthly income, which [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"ngg_post_thumbnail":0,"footnotes":""},"categories":[19,18],"tags":[],"class_list":["post-666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-basement-finishing","category-income-property"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to transform your basement into an income property<\/title>\n<meta name=\"description\" content=\"Transforming a basement into an income property is a great way of generating extra monthly income. 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