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10 Ways to Survive Building or Remodeling Your Home
1. Think of the project as a new diet. Who doesn’t want to lose at least five pounds? This is one way to do it. Between running to stores all day and evening long, meeting with contractors, inspecting the work, searching the Western world for the...
Choosing The Right International Real Estate Investment
In this article I am addressing real estate and investments internationally. There are a multitude of opportunities in the real estate market in the world, ranging form great deals on retirement homes to investments for appreciation, project...
Mobile Home Parks - The Bubble Proof Real Estate Investment
This country has experienced unprecedented gains in housing prices over the past five years. With some regional markets expanding at a phenomenal 25% annual average, the investors who got in early have created tremendous wealth. However, in my...
Real Estate Investing: Infomercial, Tax Sales And Mentoring Scams
Flipping through late-night infomercials recently, I saw two real estate get-rich quick schemes, and I couldn't help but wonder why people still fall for those old scams? Has anyone really talked a seller out of his home for no money down with owner...
The Pros Of Purchasing Off Plan
The general lack of stability or guarantee of returns available from the stock market coupled with a global housing boom have resulted in many more investors putting their hard earned sums of cash into real estate around the world over the past year...
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Renting Out Your Basement
Some homeowners consider their basement a wasted space. It's used for storage, they say, and maybe during tornado watches, but for the most part, it can be a vast unused area just dying for some renovation. With property values on the rise, many homeowners toy with the idea of turning that space into a rental property.
If you've thought about renting out your basement, there are a few important things you should know first.
First of all, you have to clear it with the authorities. Head to your local building department and find out whether or not rentals are allowed in the area where your house is situated. If they're not, renting- even just your basement- is not going to happen. If you are allowed to rent your space, you must make sure it clears all building codes. These involve having the required electrical systems (outlets, light switches, and wiring), exits, smoke detectors, ventilation, and the ability to heat and cool the space. Some areas have much stricter building codes than others, so it's important to check what applies in your neighborhood. In order to make your basement a rental, you'll have to bring it up to speed.
Many homeowners hit a stumbling block when it comes to the doorway factor. Having a tenant in the basement means that the tenant needs their own entrance and exit that opens to the outside. It can cost big bucks to remodel a basement door into a usable entrance, and some basements don't have a door to the outside at all, which means construction costs will be first on your list.
Even if your basement meets all of the
above requirements, there's still work to do. Unless you have a particular tenant in mind and know their needs, you must realize that your city is probably full of apartments, and your basement has to compete. This probably means the installation of painted drywall, carpeting, and other small amenities (including a bathroom and kitchen area!) to make this space truly appealing. Is this beginning to sound like a big investment yet?
Before you make the plunge of building a basement rental, it's strongly suggested that you think seriously about whether or not you truly want a tenant. Unless, as stated before, you have a particular tenant in mind, you will have to go through a screening process before allowing a stranger to essentially live in your home. Also keep in mind that your basement, unlike apartments in a complex, was not built to be a separate living space, and there will be sound leaks and other nuisances that might pose problems. It's a big jump to go from a private home to a private home with another private home beneath it. Make sure it's a jump you want to take before you start laying out the cash to make it happen.
About the Author: Kirsten Hawkins is a real estate expert from Nashville, TN. Visit http://www.king-of-real-estate.com/ for more information on real estate, mortgages, and finding the house of your dream.
Source: www.isnare.com
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