No matter how big or nice your home may be, it is safe to say that deciding whether or not to turn your basement into a rental space is a major decision. This is because there are often unforeseen issues and circumstances that unfold later down the line. So, while it can be a great idea for some, it can be an outright catastrophic choice for others. With that in mind, here is a list of the pros and cons for turning your basement into a rental space.
Advantages of Living in a Basement Suite
Before we delve into basement apartment pros and cons, let’s look at the advantages of living in a basement suite:
- Cost-Effective: One of the top benefits of living in a basement suite is that they are often very cost-effective. These suites are created in areas that are convenient for the landlord and often make it possible for multiple families to live in one home, so they are often far less expensive than other types of apartments.
- Spacious: While some may fear that basement apartments are akin to a cubby hole, many of them are quite spacious. This is because they are most often built under single-family homes, so these lower-level apartments typically offer plenty of room.
- More Privacy: If you can’t afford to live in a single-family unit, basement apartments may offer more privacy. This is because multi-family homes often have shared spaces. Depending on the basement apartment layout, basement apartments typically have everything you need, which can sometimes include your entrance.
- More Renovations: Additionally, unlike other areas of the home, homeowners are often more lenient about renovations. Therefore, if you have interior design or home addition ideas for renovations that will make your living space more comfortable, it may be easier to get it approved.
Pros and Cons of Renting Out Your Basement
Now that we know the advantages of living in a basement suite, let’s look at the pros and cons of renting out your finished basement:
One of the top pros of renting out your basement is that you can make more income. As long as the basement is in good condition and meets all the requirements in your state, you can move people into an area you hardly use and make a good income from it. So, those who are strapped for cash and have a finished basement may find that renting it out is a cost-effective solution.
Boost Property Value
To rent out your basement, it must be in good condition. Having professional basement contractors create unique, finished living space can up your home’s value tremendously. Therefore, when it’s time to sell your home, you will reap the benefits of having a finished basement that can double as a rentable apartment.
If you enjoy having your place to yourself, renting out your basement may impede on this. While, for the most part, you will not have to interact with your tenants much, there may be inopportune times at which you have to deal with urgent matters.
Pests and Flooding
Depending on the design of your basement, pests and flooding may be an issue. No matter how clean or livable your basement may be, the occasional pest or flood may prove to be unavoidable. This is something that could lead to dissatisfied tenants and other ramifications.
- Deciding whether to rent out your basement apartment is a major decision that should never be taken lightly.
- Many enjoy comfortably living in basement suites because they are cost-effective, spacious, and can allow for more privacy.
- Renting out your basement apartment can bring extra income and boost your property value, but it can also mean less privacy.
Basement Renovation Contractors in NJ
Unsure how to turn your basement into an apartment? Your friends at Advantage Contracting are here to help. Get the most comfortable and modern basement apartment layout by scheduling a consultation with us today!