Basement suite renovation is a great idea for anyone looking for some additional income or wanting to increase their property value. Though a big expense up front, basement suites will pay for themselves in one or two years, not to mention the increase in your home’s resale value.
If your basement is unfinished or simply never used, why not put that space to good use? Renovating it into an apartment for students or professionals is the perfect solution and will give your basement a purpose that works in your favour.
If renovating your basement to work for you sounds like a good idea, you’ve come to the right people! We can help you design and build a custom basement suite that will turn a profit every month and improve your home’s value.
Benefits of a Basement Suite Renovation
- Extra Income. Once you’ve renovated your basement into a livable space, you can generate quite a bit of extra income from tenants. Though some of the rent you receive will go toward higher utility bills and increased home insurance, you’ll make hundreds of dollars per month that can go toward your mortgage payment, a dream vacation, or a rainy-day fund.
- Pay Off Your Mortgage Faster. The rental income you receive each month from renters can give you hundreds of dollars a month extra that can be applied to your mortgage. Not only will the mortgage be paid off faster, you save thousands of dollars in the long run from paying less interest.
- Elderly Living. If an elderly relative is getting up there and you worry for their safety living alone, a basement suite is the perfect solution. They still feel independent and have their privacy, but you can keep a closer eye on them and be there in case anything goes wrong.
- Resale Value. Any renovations on your home will improve your home’s value, but a basement suite really is the ticket when it comes to resale value. The suite will potentially add an extra bedroom or two, another kitchen, another living space, an extra bathroom and shower, and a second laundry area. These additions will increase your profits by thousands or tens of thousands when you eventually sell your home.
Get The Most Out of Your Basement Suite Renovation
It goes without saying that your basement suite will need a bedroom, bathroom, and kitchen, but going a little further with your renovation will improve the likelihood of getting a tenant as well as increasing the rent you can charge per month. Consider these extras to improve your chances of a happy, high-paying tenant.
- Bathtub. Most basement suites install a stand-up shower to save space, but a bathtub is one of those creature comforts that every tenant will get excited over.
- Dining Area. When designing your basement suite, try to include a separate dining area near the kitchen, even if it’s a small 4-seater table. It doesn’t have to be large or fancy, but a separate dining area will add functionality to the space and give the appearance that the basement apartment is larger than it is.
- Microwave and Dishwasher. Though not essential kitchen features, adding a microwave and dishwasher in your basement suite will add convenience to the kitchen and improve your tenants’ experience.
- Exterior Entrance. An exterior entrance to the basement suite is an excellent idea for both you and your tenant. You won’t have to have any awkward encounters at the main door, and a separate entrance is better for your tenant’s safety and convenience, especially if they lead a different lifestyle such as working the night shift.
- Laundry Machines. If you have the space for it, it’s a great idea to install a second washer and dryer in the basement suite. Your tenants will thank you for it, and you won’t have to organize a schedule for sharing your laundry machines. Of course, if your main laundry area is already in the basement, this might be the perfect excuse to buy yourself a new set and install a laundry area on the main floor.
- Separate Heating and Cooling Systems. Giving your tenant control over their own thermostat will reduce conflict in your renting experience and make bills simpler. If you plan on including utility bills in the monthly rent, this is less of a concern, but otherwise it would give you both independent control of the room temperature.
Our Design Recommendations for Your Basement Suite Renovation
We’ve worked on a ton of basement renovations, so here are a few tips to maximise your rent potential and get the most out of your space.
- High ceilings to make the space feel larger
- Full kitchen for added convenience
- Fireplace to make the space cozier
- Heated floors for a luxury apartment
- Updated finishes to impress renters
- Open concept to improve flow and maximise use of space
- Two bedrooms to increase rent and resale value of your home
- Recessed lighting for a cleaner look
- Large windows for natural light
All of these features will guarantee you get a tenant quickly and will increase your profits from the renovation.
It’s Not Rocket Science
If you’re ready to begin your basement suite renovation, all you have to do is give us a call. We’ll help you plan, design, and build your new basement suite. Our streamlined process will save you money and time so you can start reaping the rewards of your renovation as soon as possible.
Our skilled designers and contractors will help you get the most out of your budget and create a space that you’ll be proud of. Whether you plan on renting the space or hosting a family member in your new basement suite, we have the expertise and the experience to make your reno a success.
We’ll even handle the zoning, permits, and inspections so you don’t have to worry about administrative elements of your basement suite renovation. So, go ahead, give us a call! We can’t wait to transform your basement and give you a valuable, beautiful space.
