Finishing and legalizing a basement
Has anyone been successful at finishing a basement and turning it into a legal or illegal apartment to rent out as extra income?
Most Popular Reply
As @Frank Chin pointed out having a separate basement is a common layout for many 2 family properties.
Converting the basement to a legal unit is possible, but there are many factors which will determine whether or not it is possible zoning and code wise. In NYC when you go from a 2 family to a 3 family property, you will need to comply with Multiple Dwelling Law which is an added layer of requirements for Residential buildings 3 families and above. In addition to the additional MDL building requirements, there are many existing condition factors which can make or break a conversion such as this. Just to name a few, Zoning, Basement or cellar, ceiling heights, property dimensions etc.
Your best bet would be to hire an Architect licensed in your state to prepare a feasibility report based upon your specific property. Once you have this, you will better understand what the conversion involves. Then you can reach out to contractors for ball park prices to evaluate the construction cost. Always remember to take into account the time required to design, file drawings, construct, and subsequent sign-offs for your financial calculations.
Best of Luck,
Alex Furini, RA