Creating a basement apartment in your home is a great investment whether you’re planning to rent it or use it as an in-law suite. These suites increase a home’s value and the income can help pay off your mortgage.
Secondary suites are also a great way to get started in the real estate investment business,
mainly because you don’t have to purchase a second property in order to become a landlord.
There are other reasons for the growing basement apartment trend. Canada’s population is
aging and many seniors are deciding to stay in their homes and familiar neighbourhoods in order to
enjoy independence for as long as possible. Building a secondary suite allows them to have younger family members live in the main part of the house while they move into a new, smaller unit.
Another scenario playing out is the ‘boomerang generation’, children who move back in with parents after college or university in order to pay off student loans and save money to rent or buy their own home. This trend is on the rise in Canada, particularly in larger centres like Vancouver and Toronto, because of hot rental markets and the high cost of buying a home.
However, here in Winnipeg, homes continue to remain very affordable. Approximately half of all homes sold in Winnipeg were priced at $300,000 or less.
According to Statistics Canada, more than one in three young adults aged 20 to 34 are living with at least one parent. In Ontario, more than two in five are living with their parents. In the larger urban areas of Toronto and Oshawa, that number increases to almost one in two.
If you have a basement that’s in reasonable condition, you can turn it into a legal apartment
depending on the laws in your municipality. Once you have the permits, it’s on to the next stage — renovation.
Kate Campbell, celebrity contractor, says that installing high-quality soundproofing in your basement ceiling is a key part of making it tenant-ready, as it will preserve your family’s privacy and
comfort in your home. She recommends Canadian-made Sonopan NoiseStop Technology for all her basement renovations.
“The product absorbs a wide range of frequencies and significantly reduces the transmission of sound and vibrations from basement rental units. The standard 4-by-8-foot panels feature cavities of varying dimensions and depths on each side. They are lightweight, simple to install behind drywall and environmentally friendly because they’re made from 100 per cent recycled wood and are totally recyclable.”
Campbell suggests that it’s best to incorporate soundproofing into your original design, since soundproofing at the construction phase is considerably more effective and will end up costing much less.