I have a single family property where I want to convert the basement level into a one bedroom rental in order to capitalize on rental space and bring in additional income. All I need to do is add a small kitchen, and it’s ready to rent, trying to save on costs, should I get this kitchen permitted? Should I even convert it?It’s a buy and hold rental property and I have no intention on selling... advice?

on top of a permit to build, you may need an annual rental inspection. depends on your local municipality. 

Also basement bedrooms need fire escapes, like egress windows. 

better do it with permits.

@Jamie Hobson there can be a lot more work than you think to get a basement permitted for living conditions. I would advise you to 100% absolutely get a permit. If there was an issue and someone got hurt or killed living in an non-permitted basement you will have a very large issue on your hands. Your LLC may not even protect you if you have one, and your insurance company will leave you out to dry.

Where I live you need an access and egress window at a bare minimum to have a permitted basement.  That can be a costly endeavor by itself depending on the foundation.  There are a lot of other codes to follow as well.  I would have a conversation with your local building dept first. 

@Alan Feldman thanks! I didn’t know basements needed that!

@Matthew Irish-Jones thank you! I didn’t realize how much went I to this! Can it get pricey?!?

@Jamie Hobson yes it can.  If you are adding a kitchen you need to move plumbing, potentially gas lines, I already mentioned the egress issues, and there may be further codes and restrictions depending on your local municipality . 

I would call the building dept first... then figure out if you can afford the remodel, and all of the regulations. 

@Matthew Irish-Jones thank you so much!

@Jamie Hobson yes get a permit , you don’t want the city to come and give you a violation those can be up to 10k or more depending on the conditions.