We finished our basment just before christmas (like, the 23rd). It’s soo good to have it done. Renters have already moved their stuff in and will start paying rent in a couple of days. It’l be good to finally have money coming in instead of shelling out money. Final costs for finishing it are close to these:
New Furnace: $2700 (we had to move it to fit a kitchen…and we put in central air)
Plumbing: $875 (this was suuuuuper cheap)
Finish Work: $700
Home Depot: $3500 (in the last month!!!)
Other Misc Costs: $1000
With current rents ($550/month) it’l take just over 2 years of renting it out to re-coup the costs. However, I think the house is now worth $150,000, we paid $120,000, so it should yield about a $30,000 gain in my equity. Not bad.
We’ll see how long we can stand to have renters. The two living spaces are so close to each other and you seem to be able to hear just about everything between the two, we may not be able to handle renters for that long. Who knows.
It’s still a good christmas present to have it done.