Converting a Basement into a Rental Unit
Supplement your income by turning your unused basement space into a rental unit.
By: Caroline Shannon-Karasik
If you are one of the many people who have an unused basement space, then you may want to consider converting it into a basement rental unit. Not only will the space be put to good use, but it will also provide a source of supplemental income.
Before deciding to rent out your basement space, look into any legal issues within your state and county that may affect your ability to rent the space. Health and safety issues, like radon or mold infestation, are also issues that should be addressed before listing your basement as a rental unit.
When you are given the go ahead to convert your basement into a rental unit, there are a few aesthetics that should be addressed. Make sure the basement area is finished and livable. This means providing the proper flooring, lighting and adequate bathroom space. A kitchenette, washer and dryer may also be worthy additions.
If you decide to list the unit as a furnished space, then you will need to provide a bed, television, dresser, floor lamp and other common items.
Before seeking tenants, decide what level of maintenance you expect from a potential renter and communicate that in your advertisements and during conversations.
See also: Planning a Basement Remodel
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