Why you should convert your basement into a rental suite
Now, more than ever, it’s highly beneficial to have a second income stream. Moreover, during uncertain times turning your basement into a rental suite in your home is a great way to bring in extra cash which you can contribute to your outgoings.
The rentals.ca national report stated that in 2020 the average rental income from a one-bedroom suite in Vancouver is $1987, and for a two-bedroom is $2644. Furthermore, in 2020 the average cost per square foot for rent was $2.64 a month. Greater Vancouver is often listed as 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 its own kitchen and bathroom amenities. This means both yourself and your tenants do not need to share amenities or rooms. You may hardly even notice that you’re sharing the same house.
When renovating a basement, it’s highly likely you will need to consider a number of things. This may include; 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 out, it’s important that the renovation is completed to the 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 are considering 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