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Rent out the basement to subsidize driving nice cars ?

  • Last Updated:
  • Aug 19th, 2020 1:30 am
[OP]
Deal Fanatic
Jun 7, 2005
8776 posts
636 upvotes

Rent out the basement to subsidize driving nice cars ?

I notice there are only three houses on my street (with 30+ houses) that are renting out their basement. The owners of these three houses are parking multiple Mercedes and BMW on their driveway.
The rest of the houses around us are all single household. I am just curious why would people sacrifice their privacy to share the house with strangers while paying premium to buy/lease multiple luxury cars. To me, if I can either afford to keep a single family household on my property or rent out the basement to subsidize my luxury lifestyle, I would just prefer the privacy. Anyway, maybe it is just me especially we have young kids in the family.
Last edited by rdx on Aug 17th, 2020 2:22 pm, edited 1 time in total.
54 replies
Member
Jan 22, 2017
318 posts
203 upvotes
GTA
Cool story bro

Grinning Face With Smiling Eyes

I kid. I agree with you (ie live within your means) but it seems like there are too many assumptions being made here.
Deal Expert
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Feb 11, 2007
15081 posts
16034 upvotes
Oakville
How sure are you that they are renting out their basement?
Do you know for a fact that they need the rent payments to pay for their cars?
Why should they waste potential revenue for their unused basement space?
So one owner own all 3 houses? Sound like they're pretty loaded already. (unless you meant to say "owners".

If you just don't like having rentals on your street, report them to bylaw enforcement as they often aren't up to code.
[OP]
Deal Fanatic
Jun 7, 2005
8776 posts
636 upvotes
engineered wrote: How sure are you that they are renting out their basement?
Do you know for a fact that they need the rent payments to pay for their cars?
Why should they waste potential revenue for their unused basement space?
So one owner own all 3 houses? Sound like they're pretty loaded already. (unless you meant to say "owners".

If you just don't like having rentals on your street, report them to bylaw enforcement as they often aren't up to code.
They are separate owners. I know all of them and they told me they are renting out the basement. All of three of them purposely made separate entrance for the basement.

I assume they are ok in terms of building code. I talked to one of them when they were finishing up the basement for rental and they had to cut a door on the side for separate entrance.

Honestly, they are not creating any trouble , so I have no problem they are renting out (other than the curious question I have on this post), except one of them are parking too many cars on the driveway, and one car is parked with two wheels on the lawn next to the curb as they want to make room for other cars on driveway to go in/out, thus damaged the lawn to a muddy mess.....
Last edited by rdx on Aug 17th, 2020 2:34 pm, edited 4 times in total.
Deal Expert
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Oct 26, 2003
34434 posts
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Winnipeg
People rent out part of their house or basement for various reasons, I think you are the first to link that with nice cars, I'd say that is just a coincidence. I doubt the owner would drive less of a car if they don't rent. There are lots "car people" out there who are serious about their wheels and will prioritize their funding towards their wheels regardless of their income.
Deal Expert
User avatar
Feb 11, 2007
15081 posts
16034 upvotes
Oakville
rdx wrote: They are separate owners. I know all of them and they told me they are renting out the basement. All of three of them purposely made separate entrance for the basement.

I assume they are ok in terms of building code. I talked to one of them when they were finishing up the basement for rental and they had to cut a door on the side for separate entrance.

Honestly, they are not creating any trouble , so I have no problem they are renting out (other than the curious question I have on this post), except one of them are parking too many cars on the driveway, and one car is parked two wheeks on the lawn next to the curb as they want to make room for cars on driveway to exit, damaged the lawn to a muddy mess.....
Well, I see no reason to think they need rent to pay for car. And who cares? They probably wonder why you waste space and money on kids.
You could report those cars for parking violations.
Deal Fanatic
Nov 21, 2013
5270 posts
3501 upvotes
the fact that they rent their basements have probably nothing to do with driving nice cars. And, not only high end luxury cars are nice...!!

I know a real estate agent that once told me how incredible some are, having a big house in a high end location, driving luxury cars, but sitting on a patio chair watching a 32" TV in the living room, dining on a patio table in the kitchen, having multiple empty appartments in the hous, and sleeping on a mattress that lies on the floor in the bedroom... Do not take for cash what you see!

not because they have big house and luxury cars that they can afford.
Not because they rent their basement that they need that cash to pay the luxury cars...

In fact, do what you want to do in your own yard, and leave the neighbours live their life! ;)
[OP]
Deal Fanatic
Jun 7, 2005
8776 posts
636 upvotes
divx wrote: People rent out part of their house or basement for various reasons, I think you are the first to link that with nice cars, I'd say that is just a coincidence. I doubt the owner would drive less of a car if they don't rent. There are lots "car people" out there who are serious about their wheels and will prioritize their funding towards their wheels regardless of their income.
That is probably true. I do know some people who are renting a basement room to live but are leasing brand new Mercedes to work. I guess a car is a "movable asset' for them to show off on the street.

I also know a person who owns a 911 Porsche, a Cayenne and a nice 30' yacht, but living in a single garage house in Brampton with the whole family. To me, I would first spend money on upgrading to a nicer house and in a better neighbourhood before investing on other cash burning hobbies. Again, maybe it is just me.
Sr. Member
May 23, 2006
761 posts
70 upvotes
Vancouver
If it's a legal suite with a completely separate entrance/area, i don't see a big deal or sacrifice to rent out the space....assuming you have enough space even without the legal suite.

I rent out a legal suite and drive 2 vehicles worth less than $10k each, lol
Deal Guru
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Mar 13, 2004
10825 posts
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Toronto, Ontario
Somebody dont spend to much time at home, they sleep there mostly the rest of the time they are at work or in this case maybe up at the cottage on their boat. Being on a nice boat out on the calm water just relaxing and enjoying nature is far better then being at home inside watching tv in a big house.

it all depends on the person/family many people rent out their home so the renters can pay for their mortgage or most of it. This way they are not as cash strapped and can enjoy other things such as driving a nicer car vs some beat up old car. or having a boat etc. All depends but generally rending out and getting extra money is a smart thing as long as those renters dont cause problems.
rdx wrote: That is probably true. I do know some people who are renting a basement room to live but are leasing brand new Mercedes to work. I guess a car is a "movable asset' for them to show off on the street.

I also know a person who owns a 911 Porsche, a Cayenne and a nice 30' yacht, but living in a single garage house in Brampton with the whole family. To me, I would first spend money on upgrading to a nicer house and in a better neighbourhood before investing on other cash burning hobbies. Again, maybe it is just me.
0_o
<_<
>_>
Member
Sep 3, 2019
488 posts
306 upvotes
GTA
rdx wrote: That is probably true. I do know some people who are renting a basement room to live but are leasing brand new Mercedes to work. I guess a car is a "movable asset' for them to show off on the street.

I also know a person who owns a 911 Porsche, a Cayenne and a nice 30' yacht, but living in a single garage house in Brampton with the whole family. To me, I would first spend money on upgrading to a nicer house and in a better neighbourhood before investing on other cash burning hobbies. Again, maybe it is just me.
When I was younger, I told my dad I'd like to own an Audi one day because it's symbolic of my achievements, hard work and success. For others, the house, expensive handbag, etc are symbolic in a similar fashion. There are many reasons for this type of behaviour.

Many folks still live with their family regardless of their income because they value family highly. Others want to take care of their elderly parents. Or maybe they just aren't ready to move out for other reasons.
Deal Guru
Feb 7, 2017
14982 posts
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Eastern Ontario
rdx wrote: That is probably true. I do know some people who are renting a basement room to live but are leasing brand new Mercedes to work. I guess a car is a "movable asset' for them to show off on the street.

I also know a person who owns a 911 Porsche, a Cayenne and a nice 30' yacht, but living in a single garage house in Brampton with the whole family. To me, I would first spend money on upgrading to a nicer house and in a better neighbourhood before investing on other cash burning hobbies. Again, maybe it is just me.
Yup ... it’s just you
(Well you and a lot of other people)

Take it from an old fart

Stop worrying about what people do with their money
Everyone gets to decide for themselves ...
BOTH how they earn it ... and how they CHOOSE to spend it

You are into houses
Others are not

A house is not the be all to end all
And definitely not a bigger house
Anymore than designer clothes, or a showy car
Every materialistic thing you own ... has the potential to become a burden
And eventually depreciates in value *

So make CHOICES FOR YOURSELF based on more important things
Family, friends ... experiences etc
What makes YOU HAPPY

Be that a house, a car, a fancy pair of shoes, a vacation, season tickets, a cottage, a boat ... whatever
Or just pile your money in the bank and live like a hermit ... ala Howard Hughes
(Not something I personally would aspire to)

I’d much rather spend some of my money as a “tool” to happiness
Be it with my spouse, kids, family, friends etc

* Than die with zillions in the bank that end up WORTHLESS to me
Deal Fanatic
Jan 25, 2007
9128 posts
4669 upvotes
Paris
Fantastical wrote: If it's a legal suite with a completely separate entrance/area, i don't see a big deal or sacrifice to rent out the space....assuming you have enough space even without the legal suite.

I rent out a legal suite and drive 2 vehicles worth less than $10k each, lol
Between my wife and I, our 2 vehicles cap out under $5k total, both purchased brand new. But the daily drivers are at life’s end and soon will be traded to stuff worth much more. We are just at a weird time of “cars are paid for and starting to break down but are still way way cheaper than anything new”. I’m holding onto a 10 year old Grand Cherokee till I see pricing on a Cybertruck :)
Deal Fanatic
Dec 5, 2009
5595 posts
3351 upvotes
I used to love nice cars. Now I barely drive
[OP]
Deal Fanatic
Jun 7, 2005
8776 posts
636 upvotes
fdl wrote: I used to love nice cars. Now I barely drive
I know what you mean. Especially during pandemic right now, lot of people work from home and hardly go out, this situation is probably going to last a long time. I personally would rather spend money on the home improvement that we can enjoy every day and increase property value, rather than items that start depreciating from day one we bought.

For a car, I now only want something that is reliable and gas efficient to take us from A to B.
Last edited by rdx on Aug 17th, 2020 6:38 pm, edited 1 time in total.

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