A Basement Apartment is a great way to convert some unused space into extra income. If designed correctly, a basement apartment can break free from the stigma of being “below all else” and have the feeling of its own domain.
Here are three Basement Apartments from the MLS that do a great job of giving the impression they can hold their own.
1. 26 McKayfield Rd, Lower
Area: Pape Village (Danforth & Woodbine)
List Price: $2,250
Features: All Utilities & Internet Included
What We Liked: Basements are often difficult to convert to second units because of the lack of natural light. Often, windows can only be placed along one wall in the entire suite. Walls and dividers in the basement could turn a well lit room into a dark, dingy nightmare. This suite on McKayfield Rd. makes the most of the light by combining Living, Kitchen & Dining. The countertop’s positioning creates separation of the kitchen while inviting light thru. The result is a condo-esque feel in the home’s main living area. In addition, the finishes and fixtures in this home are bright, modern, and industrial.
2. 30 Manning Ave, Lower
Area: Trinity Bellwoods (Queen & Bathurst)
List Price: $1,875
Features: Advertised as Legal!
What We Liked: In Toronto, it’s becoming increasingly rare to find front entrances for second suites. Often, builders will put the second entrance around the side or in the back. This is not only cheaper (without having to re-engineer the front of the house), but some find the aesthetic more pleasing for the street. For the tenant, however, a gate or other backyard arrangement can be cumbersome. This front entranceway here not only lets the occupant feel they are sharing the space, but provides a wealth of convenience for carrying loads indoors, without needing two hands for a second gate. PLUS, the second rear entrance keeps the privacy a tenant may desire.
3. 13 Brookside Dr
List Price: On AirBnB
Features: Use of the Backyard!
What We Liked: We recently helped this client sell their property for 10+ years. One of the main selling features of this property was the second suite in the basement. Rather than a monthly tenant, the second suite was being used as an AirBnB where the owner was praised with “superhost” status. A quick calculation showed the short-term rentals were bringing in more revenue than the 1 bedroom would have on an annual basis. This serves as a reminder that there are alternatives to a regular tenancy. Plus, look at that stunning backyard!
*disclaimer: this information is provided without representation or warranty. Not all basement apartments here may be legal. Due diligence is ALWAYS advised.
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