Whether you are a new homeowner or looking to maximize the value of your property, converting your basement into a legal suite and leasing it out can be a worthwhile investment. Not only will this space be your source of revenue for the mortgage, but also guarantee you some financial freedom. A basement legal unit is also affordable for most tenants.
Meet the legal requirement
When converting your basement into a legal suit, you need to ensure it passes legal specifications and municipal requirements before renting it out, including electrical and fire safety. Therefore, you should be aware of the regional by-laws governing the housing standard before undertaking any conversion. You may need to obtain a building permit from your local authorities before you begin any work on site. Before the municipal or state authority gives you a renovation permit, they may require you to submit a plan showing the renovation’s location and the proposed floor plan for the suit.
Fire Code Regulations
When converting your basement into a legal suit, you need to ensure that the suit meets all the fire code safety and regulations. Your legal suite must meet a minimum fire resistance for the wall and ceiling that separates the basement from the main house. You also need to install a separate smoke alarm system for your basement suite. Besides the smoke alarm, your suit must have an independent HVAC system, including an independent duct.
Renovations and Upgrades
If you want to attract tenants to your basement suite, you will need to carry out certain renovations and upgrades to make it more appealing. If your basement has no windows, you will need to create one or several. Windows allow for ventilation, bring in light, and provides an escape route in the event of a fire.
Do I need professionals to do the job?
Yes, you need to enlist the services of a professional renovation company if you want your basement conversion to meet your expectations. At Maserat Developments, we are licensed and insured to carry out such projects. Contact us today!