Call Text Email
Background Image

August 21 2023 | Uncategorized

What Will it Cost to Convert My Basement to a Rental Apartment?

I know 2023 has been a tough year financially for so many people and I feel for you. I have been a Toronto real estate agent for almost 14 years and I have some unfortunate news to share with you about the rest of the year, it’s not getting any better. With inflation not going down fast enough, prices are still high and a lot of people are in a pinch for how they are going to pay for things. My best advice to you is to rent out your basement!

So how much is it going to cost for a basement apartment you ask? Keep in mind, I am talking about the average 3-bedroom home in Toronto. I have taken on many renovation projects, from kitchen and washroom upgrades to full-blown gut jobs! Well, let’s get into the numbers:

  1. Underpinning and digging down usually costs somewhere between $50-60,000.
  2. To build a walk-out for a separate entrance, roughly $13,000.
  3. For framing, drywall, plumbing, electrical, fixtures and finishes, another $50,000.

All in all, we are looking at about $120,000. If you are going to finance your house to fund this renovation, this is going to cost you about 700 in fees, but you are going to be making a potential 1500 plus a month in your rental income. It’s really a no-brainer and a great solution for someone looking to cover their costs.

So if you have extra space that you aren’t using, now could be the time!