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How Your Basement Finishing Project Can Become a Source of Income

Ocotober 10, 2018

Is your basement an empty space that is little more than a dumping ground for all of the excess stuff in your life? Why not turn it into useful space? Better yet, why not turn it into a space that can actually provide your family with a source of income each month? Consider taking your Denver basement finishing project to a whole new level by turning your basement into a rental opportunity.

First Things First: Check Zoning in Your Area

Some areas are more restrictive than others, but you’ll need to find out if you are allowed to turn your basement into a rental unit. Your unit will have to be compliant with zoning codes, fire escape plans, and parking requirements in your area. Don’t skip this very important part of the process.

Next Up: Find Out How Much This Project Will Cost

Establishing a budget for the project is crucial because it will be something to consider in terms of return on investment. It may or may not make sense from a financial standpoint to turn your basement into a rental unit. You will also want to research the potential rental income you can make from a basement apartment.
To explore this even more, check out what HGTV Income Property host and real estate renovation expert Scott McGillivrey has to say about turning spaces into income-generating areas.

Then: Design the Space

Will the space be a studio apartment, or do you have enough room for one or even two bedrooms? Remember, that having bedrooms will increase the amount of rent that you can charge, making it easier to recoup your investment that much sooner. 
There are some must-haves with a basement rental if you want to get top dollar for it:
  • A living room
  • A kitchen with either a separate dining area or an eat-in space
  • A full bathroom
  • A bedroom closet
  • Additional storage space
  • A separate entrance

Finally: Talk to a Contractor

Even if you plan to do some of the work yourself, it’s always a good idea to contact a professional before getting started. A contractor will be invaluable when it comes to handling the items you’ll most likely want to outsource, such as plumbing, electrical, and insulation work. Consider too whether you actually have the time to invest in a project; if you have a full-time job, it’s tough to take on a basement finishing project of this magnitude all by yourself.

You want your Denver basement finishing project to go right, so it will take careful thought on deciding how you want it to be designed—especially if you plan to turn it into a source of income. The professionals at Ridgeline Design and Build can work with you to create a basement apartment that will be the ideal space for renting to prospective tenants. Give us a call at 303-346-6100 or request a free quote. When you are ready for your basement finishing project, let the experts at Ridgeline Remodeling help. Contact us today!