Turn Your Basement Into Income

My wife and I got married last year. We had known each other for over 10 years, but we wanted to get our finances together and our careers going. I’m an accountant and finally got a raise after 5 years of working with the same company. She owns a beauty salon in town.

Needless to say, it took us a while to come up with enough money to put a down payment on a home. The real estate market is out of control in our city so it makes it difficult for young couples to get in at the ground level. None the less, we did it!

One problem though, our mortgage payments are expensive. Even with dual income, it’s expensive and eats away at almost 30% of our combined salaries. We needed to find something to trim our mortgage payments down.

It didn’t take us long to find a solution. We looked downstairs and noticed our basement was pretty big. It could easily serve as a separate area that we could rent out. This was going to cost a lot at the beginning, but it would be worth it in the long run.

So we searched for basement renovations in Victoria BC and found Toolbox Renovations. They came over and took a look at our basement and gave us some really great ideas and how much it would cost. We were a little thrown off at a cost he gave us, but it would pay itself off down the road. Instead of thinking short term, we looked at this long term and it was a smart suggestion.

The contractor was done within a month and we had our placed posted online right away. It took us only a week to find the right renters we thought would be able to pay their bills on time and who wouldn’t be partying until the wee hours of the night. This was important as my wife and I are planning on having children soon. We also wanted to find renters who would be staying with us long term as a month or two without renters would hinder this whole plan.

So if you need to generate some extra income from your home, look into doing a renovation and hiring contractors like Toolbox Renovations to get the job done professionally.