Legal basement apartments are a type of dwelling unit which is built on the lower level of a multi-unit building. Legal Basement Apartments is a new concept of homes that is gaining popularity in the United States and Canada.
For example, there are some requirements for a legal basement apartment in Brampton that need to be followed before taking any action. They are often used as rentals for people who can't afford to rent an apartment or house. Not everyone will find living in a basement an attractive thought, but with some consideration of its benefits as well as its pitfalls, it may be more appealing than it seems at first glance.
Legal basement apartments have their own set of advantages and disadvantages. Here's a look at the benefits of renting a basement suite and some points to think about before you make your decision:
Advantages of Basement
1. Add Space In the Apartment
Renting a basement space can be a great way to save money and find more space at the same time. That's because many basements often have enough room for all of the living areas, such as the kitchen and dining room.
While it may be open-plan, there are huge benefits as there is more square footage for you to work with. Instead of expending money and effort to redesign the whole space, you can just focus on adding more living areas. While these are often small in terms of square footage, they are perfect for the remainder of your day-to-day activities.
2. Renting out the Basement
Invest in a retrofitted basement apartment and make extra monthly income. It's an easy way to bring in some extra cash if you're not using your space for storage or anything else. When you live in a single-family home, it is not uncommon to have a finished basement. This can provide the perfect opportunity for you to rent out your basement apartment.
Oftentimes, people will rent out their basement to family members or friends, and sometimes they might even set up the basement which would allow the guests to stay in their home while they are away. When you can't find a suitable tenant, you can bring in students as your tenant. They're looking for a home close to their university and at an affordable price.
3. Escalate Property Value
When building an addition or making other alterations to your home, these changes are reflected in the value of the space, including the resale rate. You can make a bigger return by increasing the size of your home.
To illustrate, potential buyers would be more likely to value your property since it has a basement apartment. As a result, the worth of your home would ultimately be higher than those that are free of basements.
4. Enjoy Privacy
It's true - basements are often depicted as dark, scary places. But that cliché is actually one of the main benefits: it really can be the kind of solitude we never seem to escape from when living in a tall building.
If you live on the ground floor of an apartment building, there's always a lot of traffic throughout the day from people entering and exiting. There's also the chance you could be woken up by every person who enters the building.
A basement has less external noise and does not have access issues either. Plus, you can isolate yourself from street noise too. A basement apartment usually provides you with a higher level of privacy than any other apartment. This means that strangers can't see into your home, which is very important to some people. Apartments on the ground floor or on any upper floor generally provide less privacy.
Disadvantages of BasementLack of Ventilation and Natural light
Apartments in a basement are not as expensive, but they do come with potential drawbacks. One of the most common problems you can find is that there's little natural sunlight and ventilation. Because of this, you have to rely on artificial light bulbs for everyday tasks like reading or cooking.
On the other hand, a basement ventilation system is essential to maintaining mold levels and minimizing rodent activity. If no windows or venting is available, fresh air & water can't get in which will lead to moisture build-up and air pollutants getting trapped in your house.
This is definitely a problem, due to the lack of natural light. Furthermore, basements are typically only habitable during certain hours of the day; they may be better if they coincide with the time most people work (since they're usually home in daylight).
Health Problems
A basement apartment can be the perfect starter home for those just entering the real estate market. However, other factors to take into consideration may include molds and radon, which could cause certain diseases.
Mold is a type of fungi that proliferates very easily in moist areas. Radon, a colorless, odorless gas that can cause lung cancer when inhaled, is also very common and often found in basements. It's not good for people's health. So, if you're looking for a basement apartment take these factors into consideration.
Final Words
Throwing my two cents in, I've compiled some of the pros and cons of living on your own in a 1/2 basement apartment. It might not be everyone's top choice, but it could work as a short-term solution. There's no harm in checking it out before you decide to rule it out!
Despite the disadvantage of not having as much natural light, there are many homeowners who like buying a home with a basement because of the additional space and privacy. While the basement has these benefits, there are a few considerations that you should make before deciding to buy one.