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Two projects to transform attics, basements into rental units

Posted on Tuesday, April 30, 2013 at 1:48:46 PM

A great way for homeowners to find additional income is to transform an unused space into living quarters which can be rented to tenants. While some consumers may think their property doesn't include sufficient room for an additional occupant, home improvement financing can help them turn available attic and basement space into appealing apartments.

Individuals considering incorporating a rental unit into their home may benefit from completing the following renovations before listing the property, as the improvements may garner much interest and yield heightened rent prices. 

Segmenting open spaces
Most attics and basements tend to be wide-open, affording potential inhabitants a considerable amount of room, but not much organization. Strategically installing drywall can create attractive rooms, providing a more residential feel to an otherwise basic space. The area can be divided into a number of rooms - enabling homeowners to charge additional rent and affording inhabitants privacy.

Making bathrooms out of closets
If the existing layout prevents any new rooms from being created, an extra closets can easily be turned into a compact restroom by a construction professional. Complete with a stand-up shower stall, commode and sink, the setup can offer tenants all the standard features in a small space.

Property owners looking to make these modifications, whether for personal enjoyment or investment purposes, can find the necessary funds through financing options with Home Loan Investment Bank, which offers clients a variety of home improvement loans.