Income Property: Minnesota Style
People everywhere are jumping on the income property bandwagon, finishing off their basements to rent out to tenants to help with that scary mortgage payment (Genius idea, really!). In fact, there is now an entire show dedicated to this movement on HGTV.
Both homeowners and renters alike are loving this new trend, as there some definite advantages. However, there are some major boxes to check off before listing your basement "home" on Craigslist.
- Waterproofing/foundation repair - If your basement is something you've been ignoring, today is the day to stop. Basements must be properly finished to legally rent it out to a tenant. Before buying that can of paint and those new appliances, get a certified basement specialist to do a consultation with you to ensure that the foundation is sealed correctly.
- Mold inspection - Good luck keeping a tenant - and avoid getting sued - without doing a mold test first. Because basements all too often have moisture issues, mold is extremely common. The certified basement specialist should also be able to help ensure that there is no mold problems in the basement. (Check out this nightmare posted in the Star Tribune: http://www.startribune.com/lifestyle/homegarden/1-800-638-5285.html)
- City ordinance - Each town is a little different, so visit your local city hall to ensure that you have the right documentation necessary to rent out your basement.
For any and all questions related to prepping your basement for rent, be sure to contact Complete Basement Systems!
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