Reviews on renting basements

Submitted by Remote_Debate_9846 t3_115zecn in ColumbiaMD

Hi,

I have an idea of doing some adjustment to my basement and put it on the market for rent.This will be kitchenette,bathroom and one big bedroom. Im looking for people with similar experience renting out their basements.

Is renting basement worth it? How do you run background check and process the tenant lease? Any downside i should know about ? How fast does usually owners rent out their basements? Do you rent 12 months/year?

I live in very nice area close to target,bjs ,columbia mall and etc (21045).

Thanks in advance.

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Comments

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Super_Bag_2403 t1_j94cjni wrote

Great questions. I am interested in having my basement finished completely to do this. I live walking distance to HCCC.

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Pgie t1_j95nisx wrote

I haven't rented out a basement, but I did rent a basement for awhile to live in. When my wife and I separated, I needed to find a place relatively quickly and affordably, with a limited lease, to get my bearings.

I found a townhouse, owned by a 20 something female lawyer. She lived in it, rented an upstairs bedroom to a 20 something female social worker. I got the basement.

Had my own bathroom, but had to share the kitchen on the first floor. Common laundry area was also in the basement, a room separate from mine.

I signed a 6 month lease. Shared all utilities on even 3 way split.

It worked for me, gave me some time to get my bearings.

You'll want to check with your insurance company and let them know. Make sure you're compliant with all town/community/HOA laws, rules and regulations regarding this.

One thing to remember, legally, and for insurance reasons, you will need to have egress/window large enough for an adult to get through to get out in case of fire or other emergency. The basement apartment I had had such a window, essentially ground level, and I had a step stool under it in case I needed it to get out.

The rent will be reportable income. Assuming you do pay taxes as required, you'll have to start paying taxes quarterly.

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UnrestedSleeper t1_j95pzsy wrote

I use Zillow Rental Manager. It does the background check and credit score for you. The potential client pays Zillow directly for that - very user friendly and I have great tenants from it.

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mck2018 t1_j95x39i wrote

Howard county requires a rental license for rental properties, so there is an application process and the property will need to be inspected by county inspectors. You will also need zoning approval for a basement “accessory apartment “. Some zoning districts in Howard county do not allow accessory apartments and some properties do not meet the requirements to have an accessory apartment. So before you do anything, you need to make a trip to the county offices @ the George Howard Building and talk to zoning and Department of inspections licenses and permits.

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