Real Estate

Basement Suite Near University | Whitby North | Good idea?

  • Last Updated:
  • Feb 9th, 2018 9:59 am
[OP]
Member
Aug 16, 2013
459 posts
99 upvotes
Toronto

Basement Suite Near University | Whitby North | Good idea?

Bought my first house in fall. It's a detached House in Whitby North (on Taunton Road near Oshawa Airport) and I am paying $2900 from my pocket every month (Incl. Property Taxes). The mortgage is insured as well. My mortgage is variable so rates have gone up 3-4 times already. Moreover, the property tax will significantly increase in 2019-2020.

Since we are a couple in the early 30s and my wife is just doing a part-time job at this time, I am planning to finish the basement with a side door that opens directly in the basement. This will help us in the cash flow as we are not saving anything. The house is designed to have a walk-out basement so I am assuming the city will permit creating this legal rental suite.

Does anyone know how is that area for rental? A colleague was telling me since it's only 4Km from Durham College and UoIT, it should be fairly easy for me to get a tenant. Also based on your experience, how much a basement suite will go for? Our construction area is 1700 sft so if we take the garage, furnace/heater space out, we should have around 800-900 sft for basement suite. Moreover, should we create a 1 Room + Entertainment room structure or 2 small rooms? RFD expertise will be appreciated.
6 replies
Newbie
Jan 30, 2018
26 posts
8 upvotes
I am in my late 20's. I have detached home with walkout in Oshawa. I rent out my space differently than most people but it brings in $1500 per month without utilities. It is a fully updated 1 bedroom suite. You should definitely rent out your space and make the extra money.

Your house has a walkout or you plan to make a seperate side entrance?
Deal Addict
Jul 29, 2006
3840 posts
661 upvotes
tekkspekk29 wrote:
Feb 8th, 2018 10:01 pm
I rent out my space differently than most people but it brings in $1500 per month without utilities.
How so? Now I'm curious
[OP]
Member
Aug 16, 2013
459 posts
99 upvotes
Toronto
The structure has been designed as a walkout. Front of the house is uphill while the basement is at the level of the backyard. There are two full windows in the basement towards the back while one small one towards the front of the house. However, the previous owners made a two-tier deck which covers the back window which could have been easy opened for the back door. Attaching picture for clarification. Now most of the people are recommending to keep the deck as is and open the door via stairs. If I open the door from the side into the stairs, there will be literally 3 steps to the basement.

Deck.jpg
Jr. Member
Oct 29, 2015
153 posts
27 upvotes
roofgoof wrote:
Feb 6th, 2018 11:13 am
Bought my first house in fall. It's a detached House in Whitby North (on Taunton Road near Oshawa Airport) and I am paying $2900 from my pocket every month (Incl. Property Taxes). The mortgage is insured as well. My mortgage is variable so rates have gone up 3-4 times already. Moreover, the property tax will significantly increase in 2019-2020.

Since we are a couple in the early 30s and my wife is just doing a part-time job at this time, I am planning to finish the basement with a side door that opens directly in the basement. This will help us in the cash flow as we are not saving anything. The house is designed to have a walk-out basement so I am assuming the city will permit creating this legal rental suite.

Does anyone know how is that area for rental? A colleague was telling me since it's only 4Km from Durham College and UoIT, it should be fairly easy for me to get a tenant. Also based on your experience, how much a basement suite will go for? Our construction area is 1700 sft so if we take the garage, furnace/heater space out, we should have around 800-900 sft for basement suite. Moreover, should we create a 1 Room + Entertainment room structure or 2 small rooms? RFD expertise will be appreciated.
I'm a student that goes to UOIT. You won't have any issues renting out your basement if your rent is reasonable and the space is clean, however there have been a few apartment/ condo building developments that will raise the supply of student oriented housing significantly. You should see if there is a bus stop nearby.
[OP]
Member
Aug 16, 2013
459 posts
99 upvotes
Toronto
DecayHeat wrote:
Feb 9th, 2018 9:13 am
I'm a student that goes to UOIT. You won't have any issues renting out your basement if your rent is reasonable and the space is clean, however there have been a few apartment/ condo building developments that will raise the supply of student oriented housing significantly. You should see if there is a bus stop nearby.

The bus stop is 350 meters away. Basically, max 4 minutes walk to the main Taunton Road as per Google Maps. 16 minutes total commute time from my home to university via Durham Transit. ( 8 minutes on bus)
Member
Mar 3, 2016
383 posts
228 upvotes
roofgoof wrote:
Feb 6th, 2018 11:13 am
Bought my first house in fall. It's a detached House in Whitby North (on Taunton Road near Oshawa Airport) and I am paying $2900 from my pocket every month (Incl. Property Taxes). The mortgage is insured as well. My mortgage is variable so rates have gone up 3-4 times already. Moreover, the property tax will significantly increase in 2019-2020.

Since we are a couple in the early 30s and my wife is just doing a part-time job at this time, I am planning to finish the basement with a side door that opens directly in the basement. This will help us in the cash flow as we are not saving anything. The house is designed to have a walk-out basement so I am assuming the city will permit creating this legal rental suite.

Does anyone know how is that area for rental? A colleague was telling me since it's only 4Km from Durham College and UoIT, it should be fairly easy for me to get a tenant. Also based on your experience, how much a basement suite will go for? Our construction area is 1700 sft so if we take the garage, furnace/heater space out, we should have around 800-900 sft for basement suite. Moreover, should we create a 1 Room + Entertainment room structure or 2 small rooms? RFD expertise will be appreciated.
If you don't have kids yet, for sure you should consider renting the basement. I would keep the deck and do the side door. Access to your backyard shouldn't be a problem since you have the deck with the stairs. I have the same layout but I have one of those small decks the builder gives without stairs so I can't really rent my basement as I would lose easy access to my backyard unless I redo the deck.

With 800-900 sft, I would go with 1 bedrooms to get a good quality tenant. The area is not bad and fast developing with the future mall at Simcoe-407 and GO station moving north of the 401 on Thornton St. Asides from students of UOIT/Duham College, you would be able to market to students at Trent University Durham at Thornton and King.

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