With few apartments available in Quebec and an increase in rental costs, transforming your basement into rental housing can be a great idea to enhance your real estate.
Whether it is to benefit from an additional monthly income or to increase the resale value of your real estate, the advantages of converting your basement into an apartment will undeniably outweigh the few challenges to overcome.
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What regulations need to be respected in Montreal?
Before starting the work to convert your basement into an apartment, it is important to seek proper information from your municipality about the different regulations to be respected.
In Montreal, authorization can be obtained to create a dwelling in the basement of a property, but the dwelling must be identified by an address which is distinct from that of the main dwelling and a separate exterior access must be provided for entry. Certain specific rules concerning ventilation, lighting, the presence of basic equipment (e.g. heating system, functional toilets), etc. must also be respected.
Regardless of the type of dwelling, all buildings in the province, including basement apartments, must meet the standards of the Régie des bâtiments du Québec. In particular, certain fire safety requirements must be followed.
More specifically, what are the advantages of renting out your basement?
The value of your real estate will increase
When you wish to resell your property, your rental unit in the basement is bound to attract a good number of buyers. Many families are looking for a second housing unit to rent it when the children leave the family nest or to benefit from it if they desire to live in an intergenerational way.
You will benefit from an additional source of revenue
In the meantime, even if the work related to the development of a dwelling in your basement determine certain costs, remember that the additional income you will benefit from with the rental is not to be underestimated. You’ll be able to use it to pay for part of your mortgage or for a future project.
Are you now ready to go forward?
Although the standards to be met may seem complex, renovating your basement to accommodate tenants does not have to be a complicated project. David Caroni will be pleased to support you in your renovation work. Thanks to his expertise in construction and renovation, he will know how to make your basement attractive.
Entrepreneurs will be able to think outside the box while not forgetting the practicality of the premises, which will appeal to potential tenants looking for unusual premises. As he is also a real estate broker, David Caroni will be able to assist you in the resale or rental of your property.
“Throughout the pandemic, several people have wanted to start renovations in their home. Why not combine this desire for change with a project which will guarantee a profit? Although it may seem expensive to meet all the standards and regulations needed to legalize your project, this is a worthwhile investment”. - David Caroni