|
Having a basement apartment can be a great way to offset some or all of your mortgage costs. You can rent out the space and collect monthly payments, all while simply putting in some basic maintenance work on the space and making sure your renter doesn't cause any damage. It's a lucrative use of the extra space, and it's just about the easiest way to be a landlord, because your property and your renter are always right below your feet. If your basement is unfinished, but you want to turn it into a profit-yielding apartment, then you'll have to put some initial work in before you start collecting the monthly checks. This article will give you some tips on how to do this. Basic Repairs You'll first need to start with basic repairs. This means checking the structural supports and foundation, as well as checking for any leaks or other problems. If you do notice any basement leaks in Glencoe, MN, then you need to get these problems handled before you try to renovate the space. Stop up any leaks, seal up any cracks, and add support beams if they're needed. Once these issues are handled, you can begin renovations. Groundwork The groundwork for your renovation actually extends from the floor to the ceiling and includes everything that you won't see when the renovation is complete: - Insulation
- Piping and plumbing
- Wiring
- Framework
The list goes on and on! It's important that you have a detailed plan in place as you begin this phase, as this will affect the placement of the piping, wiring, and so on. After all, you don't want the plumbing for the toilet to end up in a bedroom closet. So have a floor plan and blueprint designed in advance. It's important that you make sure these elements are installed properly and with the proper care. If you're not familiar with any aspect of this type of construction, then you should hire a professional contractor to do it for you. They'll make sure everything is up to code so that you don't end up with a lawsuit on your hands when your renter shocks himself on an outlet. Pulling It Together Once the bare bones of the apartment are laid, it's time to start making the space look like something that someone could live in. This includes putting up drywall, laying flooring (and padding, if necessary), installing doors, windows, countertops, cabinets, and so on. These will all help the space to look like an actual apartment rather than a construction zone. If your basement doesn't already have a separate entrance, you may want to look into having one installed. Few renters want to have to walk through their landlord's space to get into their own home, so a separate entrance is a big selling point. Again, this is all something that should be done by a contractor if you're not familiar with how to do it on your own. However, you can make all the important decisions in this phase, like what type of flooring or style of cabinets to install. Finishing Touches Now comes the stage where you can really get your hands dirty. After all of the walls are up and the flooring is laid, you can add the finishing touches to the apartment, or if you don't want to do the work yourself, you can still employ someone else to do it. Finishing touches would include appliances, wall colors, furniture, and decor if you're including them in the apartment. Having a furnished apartment can be a big perk and attract many potential renters. You will be able to charge more, but you'll also be responsible for replacing the furniture when it wears out. So decide which is the best option for you. When you're ready to turn your basement into an apartment, remember to start with the basics, such as repairing any basement leaks in Glencoe, MN. If you follow these steps properly, you'll have a lovely basement apartment to rent out.
Related Articles -
basement, leaks, glencoe, mn,
| 
