When you consider the cost of buying a new home or condo, especially in the Greater Toronto Area (GTA), it’s easy to see why so many homeowners are considering building basement apartments. Many basements are larger than 1 and even 2 bedroom condos, and can typically be finished for a fraction of the cost, and because the heating, electrical, water, taxes, insurance, cable and phone can be shared, the cost of living is dramatically less.
For multi-generational families, parents and in-laws who are downsizing, and even for live-in domestic help like nannies, basement apartments can make tremendous sense. It is important to understand local zoning and building bylaws as well as fire codes to understand what you legally can and cannot do.
Basement apartments typically consist of a bedroom with closet space, a bathroom, a kitchenette, a den or tv room, and an efficiency laundry room with a small sink and a stacked washer and dryer, if the ceiling height permits. If not, a side by side unit. Take a look at our laundry room ideas.
Basement Apartments – In-Law Suites
Need living space for elderly extended family? An in-law suite in the finished basement can be practical, convenient, inexpensive and safer alternative to retirements homes.
Basement Apartments – Nanny Suites
Need living space for live in domestic help. A nanny suite can not only provide your caregiver with the privacy they need, it can become a source of rental income, as room and board can be deducted from their salary.
Basement Apartments – Rental Units
Looking for a way to help pay down the mortgage and cover utilities like heat, hydro, water and cable? A basement apartment rental unit could just be the investment vehicle you’re looking for. Talk to us about local bylaws and codes.
Basement Apartments rank #5 on our list of great finished basement ideas.
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