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Why you should convert your basement into a rental suite

August 31, 2020

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.

Annabelle Wilson

Annabelle Wilson

Marketing Manager
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  • I want to thank you again for the great service you have personally provided from start to finish of our project. It has been very much enjoyed and appreciated.

    I would be happy to speak with any future prospective customers on your and your companies behalf.

    Larry D
    , Vancouver
  • We have undertaken several projects over the past couple of years using your company’s services and have found you to be attentive to our needs and concerns, responsive to our requests, and as efficient as the busy construction industry can under existing conditions.

    Christopher T. Wilson – President, Faireharbour Strata NW 649
    , Tsawassen
  • When our renovations were complete, we were very pleased with the quality and detail of the work that had been done. Also the estimated time in which Todd quoted at the beginning was accurate.

    Peter M.
    , Richmond
  • Todd is very organized and detail-oriented as well as being incredibly reliable…Todd represents a high level of professionalism within the work being done as well as on a personal level.

    David C.
    , Vancouver
  • A special thanks is due to Todd for seeing to it that the work progressed efficiently, with materials and trades people arriving when needed.

    Doug & Lyn B.
    , Langley
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