You’re probably heard of basement suites. Be it because they’re all over the rental market or because they’re a hot trend on TV, it’s hard not to know about them. With the trend exploding, it’s easy for homeowners to start to wonder “Is this the right move for me?” There are a lot of benefits to developing a basement suite.
Here are some things to consider:
It Could Cover A Significant Share Of Your Mortgage
With the price of a house these days, it’s hard not to feel the impact of this benefit. Depending on your monthly payment and the quality of your rental suite, the basement rental could cover half of your mortgage and in some cases more. Take a moment to look at how much a basement suite goes for in your area. In a lot of places they easily go for around $1000 a month, in some areas more.
It Could Be A Great Alternative To Selling
When you find that you’ve outgrown your home, or you’re ready for a new period of your life it usually comes down to renting your home or selling it. When you consider how much money you could be making per month on your home, a lot of people usually opt to sell instead. But if you converted the basement of your home into a rental suite, you would be able to rent out both areas of the home, significantly increasing how much money you could be making every month.
It Would Increase The Value Of Your Home
Even if selling is the right option for you, having an income suite is a great way to boost the value of your home and make it a hotter option on the market. Having a way to help cut the cost of the mortgage on the month will be a strong selling point for anyone looking to buy a home.
The Space Is Already Underutilized
If you’re considering a rental suite, there’s probably a good chance that the basement is already largely underutilized, otherwise, the idea would be unfathomable. What’s the point of all of that wasted space when you could be making money off of it?
The Renovation Costs Would Cover Themselves
If the cost of the renovation is what’s holding you back, you should remember that the cost of this renovation is an investment and it would end up paying for itself. Most income suites pay for themselves entirely within the first year of renting. If you’re planning to sell, the amount you spend on your renovation will be less than the value increase you will see upon the completion of your renovation.
You Could Reuse The Space
Say the days of you renting come to an end, you don’t need the money anymore. There are still a lot of great uses for the space. It could be a great first home for one of your children. Maybe you have an ailing parent who still wants that sense of independence but can’t live on their own anymore. These instances would be a great way to utilize your basement suite.
When it comes down to it, there are so many benefits to developing a basement suite in your home. In a lot of cases, it just doesn’t make sense not to.