Digging for rentals - Adding a basement appartment

[Alek Lupa]

With a hot market in most of southern Ontario finding additional value maybe challenging.  Has anyone sought after single family dwellings with a crawl spaces and the intention of digging out a livable space under the house? I found that the areas where i was looking zoned R1 you were allowed to make a basement apartment with separate entrance. 

A separate basement apartment would add 800-1000 in rent in my area. Of course there are many rules and bylaws to uphold and professionals to consult since this is by no means a small undertaking.

light reading stuff

http://www.expertinspector.com/BasementApartment.html

Alek

[Roy N.]

@Alek Lupa

While there are always folks who will live in a basement, this type of accessory apartment is generally less desirable than an above ground unit.

In addition, digging down a crawlspace and underpinning the foundation is an expensive undertaking (provided it is possible, sometimes houses have crawlspaces, rather than a basement for reasons other than economics).  You would want to perform a detailed cost/benefit analysis to see how long of a payback the created space would have.