Why you should convert your basement into a rental suite
As the pandemic slowly marches on, now, more than ever, it’s highly beneficial to have a second income stream. Moreover, turning your basement into a rental suite in your home is a great way to bring in extra cash during uncertain times. Considering the increases year over year, creating a rental suite looks more attractive than ever.
A recent rentals.ca national report states, the average rental monthly income from a one-bedroom suite is $2167 versus $1987 in 2020. Furthermore, in 2021, a two-bedroom is $3044 versus $2644 a year earlier. Greater Vancouver is one of the most desirable places to live in the world. With no shortage of tenants looking for places to rent, converting your basement into a suite can be a solid investment.
The benefit of creating a basement suite vs renting out a room in your home
A suite has a separate entrance and is self-contained with kitchen and bathroom amenities. Meaning, both yourself and your tenants do not need to share amenities or rooms. As a result, you may hardly even notice that you’re sharing the same house.
When renovating a basement, you will likely need to consider several things. Things may include; permits, where your separate entrance will be, plumbing requirements, general layout and room segregations, fixtures and fittings etc. Since this is almost a ‘mini build’ within a home, we highly suggest you enlist the help of a professional.
As you will be renting this suite, the renovation must be complete to a standard a tenant would expect, unlike our own homes, where we can put up with a few flaws; having to fix things while tenants are living in the property should, where possible, be avoided.
If you consider converting your basement into a suite, please reach out to us at reVISION Custom Home Renovations. We would be happy to help advise you on your next steps.Back to the Blog