If you’re looking to make money off your existing property, there’s no single renovation with more potential than turning your basement into a separate apartment. Figuring out how to do that, though, can be a bit daunting. If you’ve never tried to convert a basement before, you’ll want to make sure you follow these four simple steps.
Insulate and Waterproof
Your first steps are going to be concerned with ensuring the livability of your basement. For most, this means making sure that the basement is both properly insulated and properly waterproofed. The insulation is going to help keep the basement cooler in the summer and warmer in the winter, while basement waterproofing is going to be a necessity for the next few steps.
Your goal after waterproofing and insulating is going to be to make sure that your basement has the proper hookups for sanitation, cooking, and electricity. This means making sure that an electrician properly wires the basement and that plumbers take care of the water situation. You may also want to make sure that you have a place for your future tenants to hook up their washers and dryers if you’re looking to provide an extra amenity.
Add a Kitchen
Every basement apartment needs a good kitchen. While some try to get away with a mini-fridge and a microwave, you’ll attract more tenants and be able to charge more if you have a full kitchen. Once you have the hookups and waterproofing in place, adding a kitchen isn’t necessarily too difficult. You don’t have to go all-out with the kitchen design, but creating a functional space will absolutely make your basement apartment more attractive.
Finish it Off
Finally, you’ll want to make sure that there are no unfinished spaces left in your basement. Unfinished spaces are what make even a great basement apartment feel less like a home and more like a basement, so you’ll want to make sure that every inch feels like something that would be in a more standard apartment. This means finishing off closets and closing off any spaces that aren’t used. If you can fully finish your basement, you’ll have a much easier time renting it out.
Restyling your basement into an apartment is really a matter of transforming the space into something livable. Make it safe, make it useful, and then make sure that it feels like a place in which others would like to live. If you can manage that, you’ll have no problems finding paying tenants.