How to Convert Your Basement into an Income Suite

If you’re a homeowner looking for a way to make additional income and help offset your mortgage costs, you should consider a basement income suite. There are numerous benefits of converting your basement into an income suite, including providing an additional source of income and adding value to your property. It can also be used as a space for aging parents or older kids looking for independence. Converting your basement into an income suite can be hard work up front, but the payoff is worth it and can be a highly rewarding venture.

1. Legal & Insurance?

Before starting work on your basement, double check that you are zoned properly for a renovation. Common zoning codes include the number of tenants allowed to occupy the property, fire escape plans, and parking requirements. Depending on your location, there may be certain regulations you need to follow or be aware of. Visit your official municipal website to ensure you know the rules and requirements in your area before starting your reno. You’ll also want to make sure you have proper insurance coverage or the ability to add coverage to protect both your primary residence and the income suite.

2. Permits & Inspections?

The next step is drafting blueprints and submitting a permit application. Even if you’re not required to have a building permit, you should still get one as it will help protect your property should anything happen. You’ll also need to get permits for any plumbing, electrical or gas renovations before the work begins. Once you have your permits and have begun construction, schedule required inspections to ensure you comply with building codes, fire safety standards, and health regulations.

3. Your Floor Plan

Now it’s time to figure out a general layout and create your basement apartment floor plan. Consider the square footage of your apartment and decide whether you want a traditional apartment or a studio and whether a one- or two-bedroom apartment will work best. The rooms you’ll need for a basement apartment are living room, kitchen, full bathroom, bedroom, dining area, and closet/storage space. ?You can have exclusive laundry or create a common space for shared laundry.??And having an exclusive exterior entrance to your basement suite ensures fire safety and privacy for you and your tenant. You can work with a contractor to figure out a layout that will work best for the space.

4. Design Elements?

A good design will make your basement unit stand out to potential renters. Try your best to maximize natural lighting as this can be highly appealing. Consider installing larger windows and use light-coloured paint. Investing in high quality finishes and fixtures can elevate the look of the apartment and an open-concept layout can make smaller spaces look bigger. Install soundproofing between the main house and basement suite to ensure privacy for both you and the tenant. A well-designed, comfortable space is sure to turn heads.

5. Other Considerations

If your basement is not yet finished, you’ll need to insulate and finish the walls, floors, and ceiling. You’ll also want to set up heating and cooling with an independent system. Separating the apartment’s utilities from the main house makes it easy to split bills or turn them off if the space is unoccupied. You’ll also need to install the proper electrical and plumbing systems. Consult with a contractor or other professionals to carry out the proper plumbing, electrical, and insulation work, along with drywall installation.

Turning your basement into an income suite can bring in additional income and increase the value of your property. Use these steps and tips and talk to a contractor to get started.? If you need assistance in finding suitable contacts reach out to us!? Fill out the contact form here.

If you’re wondering how to hire the right people for your renovation, click to read 5 Steps to Hiring The Right Service Contractor or Service Pro, a blog we wrote a few years back.