Tips For Converting A Basement Into A Rentable Side-Hustle

Turning a basement remodel into a rental side hustle is a smart investment that offers lasting benefits. St. Louis Park basement remodeling experts, Executive Remodeling, share what to consider for a successful project.

Whether intended as a full-time or short-term rental, turning an underutilized basement into an apartment offers many advantages. A professional basement remodel adds value to the home, can provide a side income, and offers flexibility for future life changes. But the process can be challenging. Here are some ways to ensure the process is as stress-free as possible.

Find a Qualified and Experienced General Contractor

No matter how tempting it may be to take it on as a DIY project, it is always best to rely on qualified basement remodeling contractors. An expert provides the peace of mind that elements such as wiring, HVAC, and plumbing are done properly and safely. Often, contractors have relationships with suppliers and can get materials at a better price. Experts are also ready to get the job done quickly and can easily navigate any problems. Because of these and many other reasons, working with a contractor gets the homeowner to the finish line faster so they can start recouping the investment.

Know the Local Laws and Regulations

There are many local laws that govern home remodels and rentals. The International Residential Code (IRC) sets living space standards, but there may be additional local requirements that exceed the IRC. These regulations dictate the number of separate points of access, how many windows are in each bedroom, ceiling height, and more. Any deviations from these regulations can result in very costly corrections, so it is important to research these laws and obtain the proper permits before diving in.

It is also important to know the laws governing rentable space versus livable space. In most jurisdictions, an apartment must have a separate entrance to be considered rentable. It may not need an entrance if the space will be occupied by someone already living in the house and is a non-paying tenant.

Have a Plan But Be Open to Change

Again, here is where talking to a general contractor comes in handy. An expert will have done many basement remodels and be able to make recommendations to avoid common mistakes and know how to get the job done well for the best price. For example, the hope may be to have a space that has a kitchen, two bedrooms, and two bathrooms configured in a certain way. The contractor may recommend configuring it differently to minimize plumbing expenses. An expert can overcome all of the challenges while providing suggestions for adding value.

Consider Real Use

Creating the most rentable space means considering usability. Having a beautiful chef’s kitchen may be dream-worthy but may not be an ideal use of space, for example. Create a valuable area for a greater number of people and situations. Providing enough space between bedrooms is important for privacy, and rooms that are of nearly equal size are better to attract those who will have a roommate. Kitchens that incorporate counter space and barstools can eliminate the need for a dining table or allow for a smaller-sized table so that the space can be better utilized. Tape out the area before the build and let it help guide some of the planning.

With planning and expertise, basement remodeling can provide homeowners with a viable long-term revenue stream. It is always best to start with a feasibility study with a licensed general contractor to see what it would take to meet local requirements.

Minneapolis-St. Paul Remodeling Contractors

A basement remodel is a serious undertaking, so it is important to work with local professionals to ensure a positive outcome. As a full-service home renovation company with nearly 20 years of dedicated industry expertise, Executive Remodeling is dedicated to helping customers achieve their design goals.

If you are looking for a “general contractor near me,” it is time to consider the St. Louis Park home addition experts. Connect with the team by calling (612) 333-5577 to schedule a free consultation.

Executive Remodeling

5810 W 36TH ST UNIT B

ST LOUIS PARK MN 55416-5108

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