Owning a home is a huge financial commitment; from the down payment and the mortgage to the regular maintenance, it seems that when it comes to home ownership, everything is expensive. Why not make your home work for you? Turning your basement into an apartment is one of the most popular and sensible basement renovations in Ottawa. These home renovations end up earning you money on a space that otherwise may not get much use. If you’re looking into home renovations, and these kinds of basement renovations in Ottawa interest you, here are some tips to get you started:
• Make sure it’s legal – Some areas are not zoned to have rental properties on site, so make sure to check the by-laws before you start your basement renovations in Ottawa.
• Create a floor plan – Home renovations are often very difficult to picture, and drafting a floor plan helps you visualize what you’d like to achieve. Make sure the measurements are exact, so you know that everything you want can fit in the space you have.
• Hire professionals – Sometimes a DIY home renovation project can save you money, but when creating a rental property, there are many rules and regulations to follow and to look out for. You also want to be able to get maximum value for your new rental property. Hiring professionals for your basement renovations in Ottawa ensure that all of this is covered and leaves you worry-free.
• See a return soon – Two years is the average amount of time that it should take for you to see a return on your basement rental. If you invest anywhere from $20,000 to $25,000 in your basement renovations in Ottawa, and you then charge $1000 per month for rent, you should see a complete return on your investment within two years!
• Develop a budget – Like many other home renovations, major basement renovations in Ottawa can be pricey. If you develop a budget and stick to it, it will ensure that your investment is even more financially sound and will keep you on track to seeing that return soon.
• Check the temperature and moisture – Since basements are below ground, they’re often quite cold and moist. Make sure there is proper insulation and heating, and check for excess moisture that may be caused by cracks in the foundation.
Basement renovations can be a lot of work. However, they can also be extremely financially rewarding and relatively low maintenance if done properly. Follow these tips to ensure that your basement rental property becomes one of the best and proudest home renovations you’ve ever completed.
