Photo by Daria Klimova
Basement rentals are gradually becoming popular. However, basement spaces can’t be easily rented without following legal and official requirements. Fortunately, Phinesse Construction Group, a company offering legal basement renovations in Ontario, can help.
As the population continuously grows, the demand for space increases with it. Due to this, people have stopped gatekeeping any extra they have. With space becoming such a highly searched and valued commodity, it’s no wonder people are utilizing these as an additional source of income. Renting out extra rooms is an excellent means to provide the residential space people want.
However, turning an unoccupied room into a comfortable space can be a challenging task. There’s ensuring to provide ample space and only the best fixtures for the tenants’ satisfaction. Location is also another factor to put into consideration. Some locations work best to be converted as living areas—case in point, the rising popularity of basement apartments.
These units are, to be brief, basements. The media typically present them as these dark and dingy storage rooms. But in reality, they can be homeowners’ bread and butter. They’re located below street level or underneath any building’s structure.
However, before they can be rented out, they must adhere to legal rules.
“Why bother going legal when straightly renting out available and improved basements is cheaper and easier?” There are a lot of questions involving legal basements. On top of these has to do with its necessity. Why is there a need to declare the basement legal before renting it out to the public? And is a legal basement unit any different from an illegal one?
How Can Basements Be Legalized?
For a basement space to be considered legal, it must follow different specifications and complete requirements depending on the area. For instance, basements in Ontario must follow the Ontario Building Code requirement, which specifies that the basement must:
- Be at least 145 square feet
- With a ceiling height of 1.95 meters
- Have windows that are 5% of the living room area or 2.5% of the bedroom area
The specifications can be complicated, and these are only a few of the rules specified. Hence, before renting out the space, it’s suggested that homeowners must first contact contractors to ensure they’ve followed all the specifications. Companies like Phinesse Construction Group, a company offering legal basement renovations in Ontario, can assist in matters like this.
As a remodeling company specializing in these endeavors, they know the different requirements mandated by other cities. Clients are assured that their basement spaces are safe and ready for rent as soon as the team hands them back the key.
Now that the hows are settled, here are some reasons why it’s recommended that basement spaces are legalized.
Benefits Offered by Legal Basements
Authorities won’t demand to follow the rules if they don’t have benefits. Aside from avoiding legal issues, here are the other benefits of legalizing basements.
Basements are rooms below ground and erected underneath a complete house. Imagine if homeowners didn’t follow requirements and ensure the area was safe. In case of any natural or structural damage, the basement can be dangerous for any tenant and homeowners. Laws are established to ensure the buildings are safe and secure, especially when shared between multiple people. These are standards that help avoid any accident as a result of structural neglect. For unavoidable situations, these rules help avert severe damage.
Attract More Tenants
Tenants already recognize the possible and existing dangers connected with basement spaces. Hence, between legal basements and illegal ones, the former will most likely attract more rentals. These renters feel more secure knowing that their apartment adheres to all the requirements and requisites laid out by authorities. If homeowners want to attract tenants easily and earn more, going legal is the best way.
Increased Property Value
An improved and legal basement isn’t only a great source of income. If homeowners decide to sell the house, a legal basement can significantly raise the house’s overall value. Not only do homeowners avoid possible legal issues and keep themselves physically safe, but legalizing basement spaces does provide a good source of money.