Having a basement suite in Victoria can be a huge help to your mortgage payments, but there are so many things to consider before going ahead with a renovation. Are you ready to be a landlord? There’s no question that it’s an added responsibility, but does the added rental income make it worthwhile to you? Do you have time to deal with tenants, or are you away a lot or extremely busy and would have to hire property management? Does the cost benefit ratio make sense in your situation?
You’ll also want to consider the type of suite and what works best for you. Are you looking to maximize income or simply want a small in-law suite? If you want to maximize income you’ll need to consider a renovation to maximize the number of bedrooms, as a three bedroom will capture more income than a 1 or 2 bedroom suite. It can also significantly increase the value of your home when it’s time to put it on the market.
And what about the design? Will your home accommodate a basement suite in the way you need it to? It’s always best to have a legal suite, but will it work with your property? There are also a variety of building codes that will need to be adhered to should you want to go ahead with a renovation. What kind of tenants are ideal for you? Short term rentals can have a much different design than long term rental basement suites.
When it’s time to go ahead with your basement suite renovation in Victoria, Lida Homes have the experts you’ll need with sound advice for your investment. Having a professional on your side who is up to date on the current trends and building codes is essential to making this project a success and maximizing profits.
We can provide a solid quote so you can make the best decision possible. Our prices are based on labour and materials at cost, so you don’t pay a markup. Lida Homes handles such a wide variety of renovations that we have seen it all and are ready to handle whatever your home throws at us. Our highly skilled tradesmen and vendors will ensure quality workmanship and our work is guaranteed. Our clients recommend us to friends and family as we have a reputation for getting the job done properly, on time and on budget.
Contact us to find out how LIDA Homes can create a basement suite in your home.