Basement Renovations Create a Better Quality of Family Life
Many homeowners undergo basement renovations to make additional room for a tenant or family member.
We often joke about full-grown adults who still live with their parents. It actually happens more than you might think. It also works the other way around, where a homeowner will undergo basement renovations to provide a suitable living space and improved quality of life for an elderly parent or disabled relative.
There are other reasons why people would hire a renovation contractor for a project like this, and they all seem to revolve around the same goal: providing an enhanced lifestyle for your family.
Boosting Your Income Stream
In the broadest sense, there are two ways to make life more affordable:
- Increase your income
- Reduce your expenses
If it seems unlikely you’re boss will give you a raise, and you’re not quite ready to disconnect your Internet service to save a few bucks, one way to supplement your income is to rent your basement suite. The vacancy rate in Kelowna is one of the lowest in Canada, which provides would-be landlords with several advantages:
- Can be more selective when choosing renters
- Command higher-than-average rental rates
- Reliable income stream
However, your suite first needs to be legal before you can begin. When it comes to home renovations, Kelowna homeowners first have to meet the criteria of the city’s zoning bylaw for secondary suites.
There’s plenty you could do with the extra income:
- More outings with the family
- Save up for a holiday
- Invest
Three-Generation Homes
Not everyone is willing to live with his or her ageing parents. It takes the right situation and a mutual understanding for everyone to feel comfortable in a shared living space.
However, it can also be a rewarding experience, especially for your children. Whether they call them Nanny and Papa, or Oma and Opa, having the grandparents close by will allow your kids to forge a healthy relationship with them. (You might even get some free babysitting out of the deal).
By planning your basement renovations carefully, you’ll be able to ensure both you and your parents (or tenants) enjoy their privacy. Some of the features worth considering include:
- Soundproofing walls
- Separate entrances
- Separate laundry
For more advice on this, read our post: Investing in a Basement Renovation.
Closer Support Network
Having a family member live with you can be mutually beneficial. If it’s an elderly parent, you’ll be able to monitor their well being, while also providing companionship and inclusiveness. Most would agree that, under the right conditions, this arrangement would be preferable to a care home.
Depending on their health and personal interests, your parent might be able to chip in around the house by preparing the odd meal, tending the garden or minding the children when they’re home.
If you’re planning some basement renovations for a rental unit, Rafter 4K Contracting can help ensure your design meets the requirements for a legal suite. Call us to discuss your plans.
