Finished basement

4 Replies

I'm looking at a duplex down the street from me that I plan to buy. It's a 2/2 with a half finished basement. I plan to house hack it but instead of living in one of the units just live in the finished side of the basement for a few years. Does anyone see any possible issues with doing this? It is separated so tenents would have there own walk way to the washer and dryer.

I am assuming the property is zoned as a duplex. Would your city allow it to be converted into a triplex?

It is zoned as a duplex. I don't believe they would zone it for a triplex because of the windows and exit points in the basement. That shouldn't matter if I own it though right? I understand if I were to rent the basement out to a stranger it would need to be zoned because of legal issues correct? I don't ever plan on renting the basement to anyone just plan on living in it myself for a few years. Would anyone else do this if they were in my situation? young, no kids, single etc?

@Frank Meyer

I would definitely do this if I was in your situation.  

How much could you get for each unit? What is the asking price?  If for some reason you cannot live in the basement would your living situation still work?

Im using the federal first time home buyers grant so I would need to live in the house for 5 years. Price is 85,000 each unit can get 600 a month easily. Everything in the house is brand new, furnaces, hot water tanks, windows, roof. I just worry about a tenant reporting me for living in the basement.

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