Advice on First Househack (Currently under Contract)

[Cameron Burnett]

Good Morning Everyone, 

After many months in analysis paralysis I have finally decided to pull the trigger on my first Househack. Everything is great as we just got done with the property inspector yesterday, only one thing concerns me in terms of renting the "Bottom Unit" out. 

1. Background - this property is located in the Tri Taylor Area and was built as a single family home with the basement converted to its own inlaw unit with a full bath and kitchen. The past owners state they had no problem renting out "basement unit" as it came with a parking spot, in unit washer and dryer. The unit is set up to be completely independent with their own entry to apartment.  After the inspection i have two concerns.

1. There is only one "legal" eggress for the rentable unit, which is the front door. So i would have to either pay for another egress, which would move than likely have to be in the living room area of the unit, which i imagine would like tacky. 

2. The bottom unit doesn't have it's own independent hvac system so AC and Heat is shared with the first floor of the property. I occupy the first and second floor. I have been thinking my solution with this would be to just give them control of the temperature and try and offset it with the temperature from the second floor if i find myself uncomfortable. 

I guess my biggest question is, does anyone have nay experience with a single family home converted to a two units / a makeshift basement inlaw? 

[Jake Fugman]

@Cameron Burnett 

1. If you arent going to attempt to re-zone the building (very tough) I wouldn't spend the high cost of adding another entrance/exit. 

2. Since you will likely have to include utilities in the basement rent I would not give them control of the thermostat.  Just agree on a fair temp range and consider putting on a smart thermostat that you can control remotely if needed. 

My overall recommendation (I am not an attorney) would be to rent the basement out at a very "friendly" price, and be super attentive to any tenant in a non-conforming unit.  Attempt to find someone in your social sphere as the tenant ideally.  It sounds like it may be tough to rent this out as a 2 unit building post move out - so make sure you leverage the savings while living there.