Creating A Basement Income Property: 3 Remodeling Strategies That Will Attract The Best Tenants

16 January 2015 by Derrick Gordon

Do you want to create an income property in your basement? If so, you understandably want to stretch your budget as far as you possibly can while creating a space that will fetch top dollar on the rental market. While you can't include all the bells and whistles on a tight budget, there are certain things that tenants expect when they're paying more money. Following are three remodeling strategies that will help secure you the most rent. 

Hire a Concrete Cutter

The problem with most basement apartments is that they still feel like a basement. And tenants aren't going to spend top dollar to to live in a dark, damp hole under the ground. To make your basement space feel more like an apartment and less like a dungeon, hire a concrete cutter to make specific changes to the structure of your home, including creating a separate entrance and enlarging existing windows to let more natural light in. Tenants desire a private, separate entrance that's preferably not anywhere near your entrance, and they also want windows - lots of them. Plus, you already have to enlarge windows to make sure they're up to code; you might as well go all out. 

Create Lots of Storage

Basement apartments are relatively small when compared with other types of apartments and houses. If you want a small space to appeal to a lot of buyers, you must create a great deal of storage. Look for creative and innovative ideas to take advantage of every square inch of unused space in your basement. Great ideas include recessed shelves, closet storage organizers and hidden storage nooks. If you can create a nook or shelf for someone to stuff some of their belongings into, do it. 

Go All Out in The Kitchen

Even if you only have room for a kitchenette, be sure to select high-end finishes, counters and appliances for your downstairs apartment. Since you don't have much room to work with, you won't spend a lot of money on high-end touches for your space. What's more, a luxurious kitchen will attract buyers who are willing to pay premium prices. 

As you can see, there are several things you can do to make sure you get as much rent as possible from your downstairs unit. If you have any concerns about creating a space that tenants will love, hire a designer or contractor from a firm like Talon Concrete Cutting & Coring Ltd who specializes in small, basement apartments and finishes. 

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