What to know before making a basement apartment listing

Renting out a basement space is a great way for homeowners to add some extra income and make a dent in their mortgage payments. But there’s more to renting a basement apartment than you might think. For instance, will anyone want to live in the space as is? What  renovations might make it more appealing to a renter? And are you even allowed to have someone live down there?

These are just a few of the things to consider when deciding if you should rent out a basement apartment. Well, the pros at KSL Homes are here to make your decisions easier. We’ve got our headlamps on and our lanterns aglow, ready to guide you through the uncertain world of basement living.

Rent out your basement on KSL Homes

Make sure you’re allowed to have basement renters

First things first: Check with all necessary groups to ensure that you’re allowed to have someone living independently in your basement. There are certain regulations set by cities and states that must be met to legally rent out a basement residence. You may also have to check with your homeowner association, if you’re a part of one. 

Safety codes may vary by area, but they usually require: 

• A minimum ceiling height of 7’0”
• An egress (escape) window or door in every room
• A separate entrance that leads outside without going through the main residence
• A minimum of 70 square feet in each habitable room (kitchen and bathroom excluded)
• Damp proofing to make the space impervious to flooding or leaking

If all this seems overwhelming at first, don’t worry — you don’t have to go it alone. Talk to a trusted contractor about what additions, if any, need to be made to make your current basement space a liveable apartment. They can help you navigate code requirements and lay out a budget to help you understand if the cost is worth the extra income.

Rent out your basement on KSL Homes

What renters are looking for in a basement apartment

Now that you’ve gone through all the things you’ll need to add to your basement apartment, it’s time to think about the things you’ll want to add — or at least the things renters will want. A nice golden rule for renting out your basement apartment is to always go above the bare minimum. Even in a hot rental market, people might not want to live in your space if it’s drab, dreary and depressing. Remember, this will be the place someone calls home, and with remote jobs being more prevalent than ever, it might be the place they call work too. Renters will be willing to pay more for a basement space that doesn’t feel like a basement space.

Kitchen, bathroom and separate entrance

A separate entrance is required by law for an independent residence; a kitchen and full bathroom are required by basic human decency. Depending on what already exists in your basement, this might be where most of your renovation costs come in. But these steps are necessary to have a happy, healthy and well-paying renter. 

More natural light

By law, you have to have window exits in each room, but those windows are only required to be 20” x 24”. A basement with a few 2-foot windows won’t be as appealing as one with lots of natural light, so try and increase outside light if possible. This could mean deepening some of the windows or window wells already there or adding new ones. If it’s possible, a sliding glass door or large window will add lots of value to the space. Renters always feel more comfortable committing to a lease knowing there’s a solid amount of daylight, and homeowners always feel more comfortable knowing they’re not renting to a vampire.

Brighter colors

A nice kitchen, a sweet living room and tons of natural light won’t mean much if you’re renting out an apartment that looks like a horror movie dungeon. Sprucing up the walls with some bright colors, whether warm or cool, will give the space a better vibe and make up for any limited lighting. Don’t go too crazy, though — neon green might be bright, but this is an apartment, not a rave. 

Non-concrete floors

Similarly, you’ll want to replace any concrete floors with another surface like tile, wood or carpet. Not only will this help improve the mood, but will also help keep your renter warmer than they would be when walking on cold concrete. 

Insulation

Speaking of warmth, renters will probably want some assurance that they’ll be able to keep warm during those cold Utah winters. Insulation is pretty much a must with basement apartments. While upstairs rooms might get some sunlight, a basement dwelling has the cold, damp earth to contend with. Great in the summer, not so much in the winter. Doing everything you can to ensure a warm space in the cold months will go a long way. 

A dry space

Codes usually require damp proof walls, but there’s even more you can do to keep mold and flooding out of your basement apartment. Use gutters and downspouts to point water away from the foundation. If possible, try sloping the ground around the basement away from the house so that water will trail away from the basement and not toward it. You can also trim back any vegetation close to the walls to increase air circulation and speed up dry times after a storm. Your tenant will appreciate that you’re doing everything you can to keep their space healthy and liveable.

Rent out your basement on KSL Homes

Now that you’ve got your basement up to rentable standards and then some, it’s time to create a listing for it on KSL Homes. To make your rental look as appealing as possible, check out our tips for staging your home online. If you’ve done everything right, you’re sure to find an eager renter who’s ready to be a happy cellar dweller in your awesome basement apartment. Interested in renting a basement apartment for yourself? Check our tips for what to look for in a basement apartment.