Why you should convert your basement into a rental suite - reVISION Custom Home Renovations

reVISION Renovations Blog

All the latest news

Why you should convert your basement into a rental suite

September 23, 2021

UPDATED

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
  • 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
See More Testimonials
[instagram-feed id=4189217844 cols=8]