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Hello Canadians,
I am seeking advice on behalf of a friend who has purchased a house with an unfinished basement and separate entrance. The basement has potential for conversion into a legal apartment at an estimated cost of $75,000. Would completing the basement increase the property's value, and would my friend be able to recoup the investment upon future sale of the home?
I look forward to your guidance.
As someone currently looking at renting. Tell your friend to have a logical layout. Space for a queen sized bed, laundry in unit, additional storage, be able to get a couch in the door and down the stairway, windows that a human body can actually exit out of in case of an emergency. Ect. Make the space liveable if you are going to charge what people are currently charging for rent.
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