Eug
Senior Member
I am renovating my basement. Contrary to the norm, it's actually going to be a legal granny suite, with full kitchen, 2 bedrooms (12x11 and 10x9 IIRC), 1 living room, maple engineered hardwood everywhere (14 mm 10-layer, on top of Dricore), upper mid-end bathroom (with heated floor, great big rain shower, etc.). Will have a wall-mounted 42" LCD and free HD cable and networking. Brand new solid hardwood or bamboo kitchen cupboards, and gas stove. Probably granite countertop, but I'm not sure yet. Large windows at chest level in the bedrooms, since the basement floor is actually 1-2 feet below grade at the back, basically walkout level. All new R12 insulation, and bedrooms will have dual heating - forced air, with baseboard electric as a backup, with a personal thermostat in each bedroom. The living room will have a wall-mounted electric fireplace. The ceilings and internal walls are all sound insulated. The ceiling height is around 6'7"-ish. (I didn't lower the floor because of the enormous cost and hassle, and because both I and my spouse are not tall so the height is perfectly fine for us.) Washer dryer is available but will be shared by me.
It's located in the Scarborough Bluffs right by the lake, in a nice area about 1 km south of Kingston Road. (The area is mostly small bungalows or small two-story 50s brick homes, but many are being torn down by contractors for McMansions.) Lots of dog walkers, joggers, and cyclists go through the neighbourhood.
How much would something like that go for? I'm guessing that if I actually wanted to rent it out, it'd be close to $1000, but then I wonder if it'd be less because it's 1 km from a TTC route (bus) and the washer/dryer is shared. However, there will be an available parking space, and free 24/7 street parking too. Driving to the Union Station area is about 30-35 minutes in morning rush hour, or under 20 minutes on the weekend.
The reason I ask is because a family member will be staying with us for a few months, and wants to pay me rent. I will only charge a small token amount because I don't want to charge her rent, and technically it's not a separate apt. anyway since as I said the washer/dryer will be shared, and the stairway between the basement and our main floor is not closed off. (I actually could make it separate since I have a separate side door to the granny suite, and I have the space and the plumbing for a washer-dryer upstairs, but I have no desire to do that since we want the space for ourselves after our family member moves out.) Nonetheless, I'm curious how much basement apt. rents are these days in this area. I don't know because most of the rentals I've seen are further north and closer to Kingston Road, in smaller older homes.
BTW, in case you're wondering this definitely won't be a long term move-in. The person who is moving in actually currently has nicer place than mine but it's in London, ON, and most of her consulting work is in Toronto or Vancouver, so London is inconvenient. She'll be selling her place in London this summer, and buying a condo in Toronto. However, she wants to sell first to have the cash available in hand before buying.
It's located in the Scarborough Bluffs right by the lake, in a nice area about 1 km south of Kingston Road. (The area is mostly small bungalows or small two-story 50s brick homes, but many are being torn down by contractors for McMansions.) Lots of dog walkers, joggers, and cyclists go through the neighbourhood.
How much would something like that go for? I'm guessing that if I actually wanted to rent it out, it'd be close to $1000, but then I wonder if it'd be less because it's 1 km from a TTC route (bus) and the washer/dryer is shared. However, there will be an available parking space, and free 24/7 street parking too. Driving to the Union Station area is about 30-35 minutes in morning rush hour, or under 20 minutes on the weekend.
The reason I ask is because a family member will be staying with us for a few months, and wants to pay me rent. I will only charge a small token amount because I don't want to charge her rent, and technically it's not a separate apt. anyway since as I said the washer/dryer will be shared, and the stairway between the basement and our main floor is not closed off. (I actually could make it separate since I have a separate side door to the granny suite, and I have the space and the plumbing for a washer-dryer upstairs, but I have no desire to do that since we want the space for ourselves after our family member moves out.) Nonetheless, I'm curious how much basement apt. rents are these days in this area. I don't know because most of the rentals I've seen are further north and closer to Kingston Road, in smaller older homes.
BTW, in case you're wondering this definitely won't be a long term move-in. The person who is moving in actually currently has nicer place than mine but it's in London, ON, and most of her consulting work is in Toronto or Vancouver, so London is inconvenient. She'll be selling her place in London this summer, and buying a condo in Toronto. However, she wants to sell first to have the cash available in hand before buying.
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