Some homeowners consider the possibility of renovating their basement and have it rented; however, there are reasons that hold them back from the idea. For rent basements, also known as secondary suites, are defined as a separate dwelling place inside a single detached home. A lot of these secondary suites are basement suites. But did you know that having a basement suite can provide you a range of benefits?
Below are five advantages of having a basement suite:
One of the main benefits a homeowner gets from a basement suite for rent is the extra steady income they get from renters. The extra income could go to savings, bills payment or other home expenses. The income could also be used for expenses in maintenance.
Owning a rental property such as a basement suite entitles the homeowner to a number of tax breaks, which is helpful when it comes to filing the tax. This can be considered as the second most advantage of having a basement suite for rent.
The government provides owners of rental properties with privileged tax breaks like depreciation, which owners to utilize paper losses to balance any profit they make on the rental. Losses that come from depreciation can also be utilized to balance other taxable income an owner might have.
The value of a house increases once it is extended, like creating a basement. According to a number of real estate agents, creating a basement provides the best per square foot value on any renovation works. Prospect buyers will normally appreciate the value of houses with basement apartments, which in turn raise their value compared to houses without basements that are on the market.
Flexibility for Family
A lot of homeowners truly value having a basement apartment since they also allow the flexibility for accommodating other family members or even friends. Parents can lease their basement to their children, whether if they are single or married. In the same way, children can also rent their basement apartment to their in-laws. Also, a basement apartment is useful if family or friends are in town.
Another great benefit for homeowners of having a basement apartment rented is the increased security level. Since there will be more people living on the property aside from the owner’s family, the chances of being somebody in the premise to watch out for burglars or trespassers will increase. And, if the homeowner decides to go out of town for a vacation, they can always ask the tenants to look after the house.