If you are in need of extra income, it may be a good idea to turn your basement into a rental unit. Doing so can help you make a residual income each month for as long as you own the home. A rental income can help you pay down your mortgage faster, which will build equity in the property and allow you to save for retirement or other financial goals. So what should you consider before deciding to invest in a basement remodeling project in Chicago? Read on to find out.
How Much Work Will Need to Be Done to the Basement?
In some cases, all that needs to be done to a basement to transform it into a rental property is adding a fresh coat of paint and new carpets. In many cases, however, basements will need to be waterproofed and it may be necessary to install a bathroom and kitchen. You may also need to add an egress and a separate entrance to the basement for your tenant.
Should You Waterproof the Basement?
Even if you don’t think that it’s necessary to do so, waterproofing the basement can have several positive benefits. First of all, it will ensure that the unit does not suffer from the damaging effects of water damage. Next, getting rid of water can get rid of humidity in the air as well as mold that can grow on basement walls. Although mold may not be visible on exterior walls, it can grow on drywall and other surfaces and transport itself through the air. Therefore, you need to make sure your basement is free of water and will be inspected by a professional prior to looking for tenants.
Make Sure to Scrape Away Lead Paint or Other Hazardous Materials
Depending on how old the home is, it may be necessary to hire a professional crew to scrape away lead paint or get rid of other hazardous substances such as asbestos. Failure to do so could cause problems with a tenant if he or she were to get sick while living in your home.
Working with a Chicago basement remodeling company like DAL Builders Inc. may make it possible to turn your basement from an unused living space to a rental unit. A basement remodeling professional can help with anything that your basement may need from waterproofing to adding a new room, new windows, or egresses so as to make the space conform to building codes.
TIPS ON CONVERTING YOUR BASEMENT INTO A RENTAL UNIT, MillennialLiving.com
Converting a Basement into a Rental Unit, HGTV