Build A Great Basement Suite

Do you want to become a homeowner? Are you looking at ways to afford your mortgage while saving money? Maybe you are are looking for another way to generate income?

Well, if this sounds like you, have you ever considered purchasing a home with a legal basement suite in your home? The rent money you will receive can help you pay off your mortgage, provide extra spending money, or provide a buffer in case you ever lose your job or become injured.

If you are considering buying a home with a basement suite, our Morris Homes come with that option. You can complete the basement suite on your own with the five tips provided below. Or, if this sounds like too much work, we can always finish it for you!

1) Make It Legal

Check the laws on incomes suites (including permits and zoning) with your municipality. Lucky for you, all Morris Homes come with the proper designation of R2 Lots. But, if you are finishing the basement on your own you’ll need to install a fire-and-sound barrier between you and your tenants and it is a great idea to keep the entrances separated.

Ensure you have the proper permits before you begin any work on your home to avoid troubles or complications later.

2) Focus On Amenities

When it comes to buying items for your rental property, invest in quality functional items, such as toilets, faucets, showers and tubs. You can avoid spending on high design items such as fancy drapes or blinds, as you won’t get your money back.

Unless you are renting your suite fully furnished, you do not have to worry about items such as drapes and blinds. Typically, the renters take care of those items themselves – which keeps more money in your pocket.

3) Create A Focal Point

Typically the kitchens and the bathrooms sell the home or rent the home. If both of those spaces are focal points – renting your home should be a breeze. If the space looks inviting and has storage space – this will appeal to most people.

4) Focus Your Spending

A good rule of thumb is to spend no more than a few years of rental income on your rental suite. You need to make the home appealing to buyers so make sure to spend your money where you are going to get the best bang for your buck. As mentioned above, focus your money on the kitchen and bathroom.

5) Ensure The Unit Has Enough Sunlight

Many building codes require R2 or rental suites to have certain amount of lighting and large enough windows to meet fire codes.

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