Basements are truly the underdogs of real estate. Unlike how they portray the lower ground in horror movies, basements make comfortable living spaces. It may be tough at the start to put your basement for rent. But, with a little ground work, you will be attracting the right kind of tenants in no time.
How to Make Your Basement Rent-Ready
First and foremost, see who your ideal tenant would be and then start renovating accordingly. Students and young professionals are the most prominent market for basements in Toronto. However, many small families are also considering renting a basement as they start in the city.
It’s a total myth that basements can’t be turned into just as cool spaces like the upper floors. With the right kind of renovation, you can turn your basement into a super cozy and super chic space that everyone wants to put their money on. From a bachelor’s pad to a cute nest for two, a basement can turn into a wonderland with just a few fixes.
But, before you begin with the massive revamp and put your basement up on the market, make a checklist of the basic things that make the space liveable.
Here Are a The 6 To-Dos to Bring the Best out Of Your Basement Renovation:
1. Keep Moisture at Bay with Solid Basement Waterproofing
Basements are often prone to leaking. Checking for the signs of moisture way ahead will help avoid unsolicited rains in your basements. This needs you to invest in solid basement waterproofing that leaves no hole fixed. A good way is to smell test your basement, if you smell something stale and musty, there’s probably a leak.
2. Choose Your Basement Flooring Wisely
It’s no news that basements tend to get colder a lot quicker than the rest of the house. You don’t want your tenants to bring the fire instead of run an extra heater. The right basement flooring keeps the space fairly warmer for longer. Go for a good ratio of carpet and vinyl while fixing the basement floor.
3. A Basement for Rent Can Use Extra Storage
Most basement apartments in Toronto offer more storage space than the upper floor. This is a total benefit for those who have just moved into the city. The way you renovate your basement should leverage its space. Instead of making your tenants live with that scrap bike you do not need, keep the space clear for your tenants to utilize.
4. Light Right Before You Put Your Basement Suite for Rent
As natural light is not naturally found in a basement, it’s a good idea to paint the walls light and go for brighter lighting for your basements. Think of tall floor lamps and fancy string lights to make the space look chic and bright.
5. Pay Extra Attention if The Basement Apartment for Rent Has Kids
It’s always nice to have a lively basement and that is why giving your basement out to a family with kids is not such a bad idea. The first step to childproofing the apartment is to keep the electrical system out of the reach of children. Most homes have the electrical circuit in the basement, so that’s something you should definitely consider when doing renovations.
6. Give a Generous Exist Space to The Basement Kitchen Smoke
You don’t want your whole house to smell like your tenant’s dinner (although delicious!). Make sure you install smoke alarms and carbon mono-oxide detectors. Keeping the basement safe is important for the safety of the house as a whole.
Want to Rent a Basement? Here’s What You Should Know!
While basements offer utmost privacy, you must evaluate all aspects before you rent a basement. There are some considerations that you must make before signing the lease:
- You need to ask your landlord whether or not the space is approved by appropriate authorities.
- Check how noisy your roof would be. Be open and ask questions about how often the upper floor host parties. If you are a fan of peace and productivity, you must check if the basement is soundproof or not.
- The area where you rent your basement should not be prone to floods or water clogging. Basements are the worst affected by overflows.
- Check for bugs and molds and ask the landlord about the frequency of pest control.
- Ask the landlord about fire escape route and security of locks as most basements tend to have multiple entries.
Once the basement ticks all these boxes, you will be ready to have yourself a nice space downstairs!