Basements can be an asset or a liability. On the one hand, it can be a convenient place to store items like exercise equipment and old home furnishings.
On the other hand, it can lead to an accumulation of unnecessary clutter. These days, however, many people have started uniquely using their basements; they are turning them into apartments. There are many excellent reasons to turn your basement into an apartment. Here’s how to get started.
Remodeling Your Basement
When you are remodeling your basement into a comfortable living area, you may need to hire a mold removal company since mold is a major concern in basement environments. Mold is a living organism that feeds on organic matter present in the environment. It releases spores that can cause allergies or other problems depending on the type of mold present in the environment. Mold can lead to serious health problems such as asthma and other allergies. In addition to mold, you may find pest problems in your basement, including mice, termites, spiders and more. If you think you may also have pest problems in your basement, hire a pesticide company. There are many serious health problems that mold and pests can cause, such as asthma, allergies, headaches and other respiratory problems.
Mold and pests can also cause damage to your basement. Sometimes, mold grows because there is water damage to a portion of your basement. If you find water damage alongside the mold, you’ll need to have your basement inspected for damage, such as rotting wood or insulation. A water damage restoration service can help you fix these problems so that you can continue converting your basement into an apartment. Pests can cause structural damage to your basement as well. Rodents and termites can eat into the walls and through to the insulation. You’ll also want to have the pesticide company look for these kinds of damages.
Once the basement is sanitized and checked for structural integrity, you'll probably need to hire a few tradespeople, such as painters, carpenters, plumbers and electricians to make it a cozy living space. They will be able to turn the apartment into a nice apartment that you can rent out. Besides adding a bedroom, you could also add a washer and dryer and a bathroom.
Finding Tenants
Before advertising for tenants, you’ll have to learn how to be a landlord. For instance, you'll have to educate yourself on how to comply with the Equal Opportunity Act and with state rent laws. You'll also have to learn how to follow state security deposit rules and draft a legal written lease or rental agreement. Once you advertise your available rental space, you’ll find plenty of people who prefer not to live in an apartment complex or rent a home but just need an affordable place to live.
Many people turn their basements into apartments so they can earn passive income. Perhaps you want to earn more money without having to take on an additional job to cover all your expenses. Or perhaps you have a growing family. An additional source of income will make an enormous difference to the quality of your life. You can also use the profits to fund your future. Save the money from your basement apartment for your children’s college funds, your retirement account, or to pay off your mortgage.
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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
