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| Renting Out Your Basement |
Some homeowners consider their basement a wasted space. It's
used for storage, they say, and maybe during tornado watches,
but for the most part, it can be a vast unused area just dying
for some renovation. With property values on the rise, many
homeowners toy with the idea of turning that space into a rental
property.
If you've thought about renting out your basement, there are a
few important things you should know first.
First of all, you have to clear it with the authorities. Head to
your local building department and find out whether or not
rentals are allowed in the area where your house is situated. If
they're not, renting- even just your basement- is not going to
happen. If you are allowed to rent your space, you must |
make
sure it clears all building codes. These involve having the
required electrical systems (outlets, light switches, and
wiring), exits, smoke detectors, ventilation, and the ability to
heat and cool the space. Some areas have much stricter building
codes than others, so it's important to check what applies in
your neighborhood. In order to make your basement a rental,
you'll have to bring it up to speed.
Many homeowners hit a stumbling block when it comes to the
doorway factor. Having a tenant in the basement means that the
tenant needs their own entrance and exit that opens to the
outside. It can cost big bucks to remodel a basement door into a
usable entrance, and some basements don't have a door to the
outside at all, which means |
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construction costs will be first on
your list.
Even if your basement meets all of the above requirements,
there's still work to do. Unless you have a particular tenant in
mind and know their needs, you must realize that your city is
probably full of apartments, and your basement has to compete.
This probably means the installation of painted drywall,
carpeting, and other small amenities (including a bathroom and
kitchen area!) to make this space truly appealing. Is this
beginning to sound like a big investment yet?
Before you make the plunge of building a basement rental, it's
strongly suggested that you think seriously about whether or not
you truly want a tenant. Unless, as stated before, you have a
particular tenant in mind, |
you will have to go through a
screening process before allowing a stranger to essentially live
in your home. Also keep in mind that your basement, unlike
apartments in a complex, was not built to be a separate living
space, and there will be sound leaks and other nuisances that
might pose problems. It's a big jump to go from a private home
to a private home with another private home beneath it. Make
sure it's a jump you want to take before you start laying out
the cash to make it happen.
About the author:
Kirsten Hawkins is a real estate expert from Nashville, TN.
Visit http://www.king-of-real-estate.com/ for more information
on real estate, mortgages, and finding the house of your dream.
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