Whether you want extra cash to pay the bills or you simply have more space than you need, renting out your basement is a decision worth pursuing. However, if you want to rent your basement for a good price, you will want to make sure that it’s a basement worth renting.
You can’t just install a few panels of drywall and call it a day. If it’s not already fully finished, you might want to consider working with a basement remodeling company. They can help you to turn the space into an area that people will be excited to rent out.
There are a number of things that go into creating a rent-worthy space. Not only does it need to be fully functional, but it also needs to be comfortable. There are a variety of things you can add or touch up to make your basement a great place for future tenants. Here are some of the top ways you can create a basement worth renting:
1. Add Any Needed Spaces
If you’re going to rent out your basement, it should work as a fully functional apartment space. This means that you might need to add some areas that aren’t already included. While a bedroom is to be expected, you will also need a bathroom and kitchen to ensure comfortable living. Installing a basement wet bar and kitchenette is a great way to create a kitchen space with limited room. You’re more likely to be able to rent the space if it has everything someone would need to live in it without having to encroach on your area of the home. Talk to your basement remodeling company to get a better idea of what features are necessary in a small apartment.
2. Consider a Fireplace
A fireplace in a basement might not be the first thing you think of when you start planning renovations. However, it’s a great selling point for potential tenants. Adding a fireplace can increase the value of the apartment space and even allow you to charge a little more for rent if you want to. It can make a living room seem more luxurious and more cozy at the same time. This feature is vital in a space that might get chillier than the rest of your home.
3. Keep It Updated
Another good tip is to update your space. If you own a fully furnished basement apartment, but it’s still cluttered with 90s wood paneling and shag rugs, some serious changes need to be made. After all, a modern apartment that is clean and well functioning will be easier to rent out. With a modern basement wet bar it will be even more appealing. Don’t be afraid to go for a look that will wow potential tenants. Basements tend to rent for 50% to 70% of the monthly mortgage payment if they are zoned for multiple tenants, so it will be well worth the investment over time.
When renovating your basement for potential renters, it helps to ask yourself what you would like in a living space. What kinds of things would really make you want to say yes to signing that lease? Would a basement wet bar or fireplace seal the deal? Maybe all new carpets and paint would speak to you? Whatever you choose to do, just be sure that each renovation is a true improvement and that the space includes everything your tenants will need. Ensure you get the best guidance by contacting ElkStone today.