Author Topic: Anyone rent out a basement?  (Read 1492 times)

MMMdude

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Anyone rent out a basement?
« on: August 04, 2014, 05:21:13 PM »
Here in CAnada everyone has basements whereas in the US, I understand they are not really universal.  Anyways...alot of people here end up setting up 'inlaw' suites whereby there is a separate entrance with self contained residence down there - ie bathroom and kitchen.  These typically rent for around $1000 per month which would go a huge way towards creating side income and cutting the stache needed.  I have a fully paid for two storey now but it is not conducive for such a setup and am contemplating selling this house and finding something with an inlaw suite as described.

Any others out there renting basements?  What kind of contact do you have with your tenants?  That is my only reluctance as I'd have to share a backyard with strangers and it's certainly nice to call a place fully yours.

gimp

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Re: Anyone rent out a basement?
« Reply #1 on: August 04, 2014, 06:35:12 PM »
I think the biggest issue are codes your place has to meet in order to be rentable. Dunno about canada, but in the US, egress is super important; your average basement with two tiny windows isn't good enough. You need multiple ways out in case of a fire. So... make sure to dot all the is and cross all the ts.

Matte

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Re: Anyone rent out a basement?
« Reply #2 on: August 05, 2014, 05:38:03 AM »
I did mine as a house share agreement. Pretty much like a border more then a separate suite.  Technically there should not be a door between the areas, but it could dissapear if it had to.  I wrote up a contract and had it signed, agreeing to the house share and terms.  It also states I have access at any time for utilities located in the suite, furnace and hot water tank.  Also lots of Canadian house insurance companies gladly insure illegal suites for paying a little extra on your home insurance.

Silverwood

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Re: Anyone rent out a basement?
« Reply #3 on: August 05, 2014, 12:41:43 PM »
I'd like to do this but need to upgrade my basement. That would include making my windows bigger. I'd also like to add a window but I'm not sure if that's possible.  Plus i have two dogs so maybe when they're gone.One of the house shows on tv said an in - law suite doesn't have a separate entrance.  If you do have one you can charge more as that's like a separate apartment.  It was the show where the guy helps you find a house with an income suite. I wish he'd come over to mine :)