Sharing your Basement Conversion
Why Rent Out your BasementA basement conversion can not only increase the value of your property but it can also help put a few more pounds in your pocket if you choose to rent it out. A basement conversion is a great way to rent out a room in your property without having to share your home. A basement conversion can provide a lodger and yourself with the freedom and privacy you require.
If you create a separate entrance for your basement conversion it may be that you never have to see your lodger and they will never have to come rolling in through your front door after a late night. Because basement conversions are built underneath your house they will normally mirror the structure of your ground floor. There is no reason a tenant could not have their own bathroom, bathroom and living space in your loft, so they would have no need to come upstairs and use your facilities.
If you are planning to rent out your basement conversion you will need to consider this in your basement design. You will need to incorporate into your basement design, an adequate living room for the tenant and necessities such as a sink and shower.
Basement conversions are normally very popular among people renting, the rent is normally a lot cheaper than an average flat, and people like to have the security of somebody living upstairs, in case there are any problems with the apartment. The great thing about renting out your basement conversion is that you should be able to make up its renovation costs quite quickly.
Charging a monthly rent will soon pay back any costs that you paid to convert the basement, and once you have paid back the costs you may decide that having a tenant is not for you.
Who to Share WithYou can rent to everyone and anyone when it comes to your basement conversion, it is probably a good idea to tell your neighbours of your plan to rent out your basement conversion, just so they are aware of any new faces about the house. It might be that your neighbours need some extra space themselves and you are able to rent out some storage space to your neighbours.
If you are converting your basement to be used by others you may have to do a fair bit of basement excavation to make sure there is a lot of space between you an your tenant. The deeper you can make your basement excavation the less you will be able to hear your tenant.
Living With FamilyYou don’t necessarily need to rent out your basement conversion, it could be that you use it to save on the costs of an old people’s home and move a parent or relative in there. This has a lot of the same benefits as renting out to a stranger does. Putting an elderly family member in the basement gives you the peace of mind that they are safe and looked after and give them a safety cushion knowing that you are upstairs.
If you are moving a relative into the basement conversion, it might be a good idea to also have a connecting door up to the rest of the house. You may be able to agree certain times of the day when the door will remain locked so you will both be able to get some privacy but know that the other one is safe.
Sharing your basement is a great way to make money and try and recoup some of the costs associated with your conversion. Make sure you know the person well or get references before they move in, it may be your basement but you are still letting them into your home.