There has been a drastic increase in the price of real estate over the past decade. This has led to many new homeowners looking to purchase homes that feature units that can be rented. Not only does this help cover costly mortgage payments, but it also helps to cover the cost of living in the city. Deciding on making your basement a rental unit is a great investment idea because of the high demand of people looking for a unit to rent in the city. Creating a quality rental unit is important to attract a good tenant.
Properly crafted units attract a higher caliber tenant, who will often pay more for a quality living space. Lions Den Construction has a few tips to help you improve your basement unit so you can generate more income from your living space.
Door & Window Size
Get rid of old-fashioned tiny windows and outdated steel basement doors. Install larger windows to allow natural light to shine in and make the space appear larger. As well, swap out that storm door for a stunning frosted glass door. This will also allow more light to shine inside the space while maintaining a sense of privacy. These small changes can make a big difference when it comes to renting a basement.
Bring in the Lights
Today, people want to see an open floor plan that is lit up and bright with lights. No one will be attracted to live in a space that looks dark and gloomy. An easy solution to this problem is to install quality lighting to make the small spaces look larger. Installing pot lights are a great way to brighten the space without taking up any room. Pot lights are no eyesore and will provide you with the lighting your future tenant desires.
Tactile Updates
If you’re planning a basement renovation project, there are also some cosmetic upgrades that you should consider. These upgrades can help make your rental much more attractive to new tenants. Most of these upgrades are also very cost-effective and can be put in place over the weekend.
- Tile & Cabinetry – Keeping the exterior of your cabinets and the tops of your counters clean will actually delight new renters and make the space more appealing. Most condos and apartments have shiny new kitchens to match, so keeping your unit in good condition will help you stand out in your competition.
- Trim and Flooring – Get rid of old fashioned trim and floors. Instead, look for unique yet stylish flooring that will bring life to the space. Consider adding some affordable area rugs that can hold up to heavy traffic if your basement tends to run cold.
- Paint – Any time you get a new tenant it is important to add a fresh layer of paint to the walls. Skip the tasteless and boring colors that are common in most rentals. Opt instead for bright yet neutral colors that give the space character.
Create More Height
Basements are naturally smaller than the rest of the home, after all, they are really intended as a glorified storage space. Even the smallest amount of extra height can mean the difference between a meager rent billing and a high-end rental. Make sure to consider the cost and returns before upgrading the height of your basement ceiling. Underpinning requires a full basement gut and can be costly, so make sure that the cost is worth the return before you commit.
How Lions Den Construction Can Help
Here at Lions Den Construction, we have the knowledge and know-how to help you upgrade your rental space on a budget. We are happy to work with you to choose the best upgrades with the best home interior design decisions to give you the maximum returns. Give us a call at (416) 893-8318 to find out more about our services.
