3-Family Common Area

5 Replies

Hi, I'm in process of purchasing a house with 3-tenants, each on a separate floor.  Each tenant has access to the basement through a common interior stair case.  The unfinished part of the basement includes a washer/dryer and storage shelves for each tenant.   The basement also includes a fairly large finished area - 2 rooms and a bathroom.  Currently, this area isn't locked.  The finshed area cannot be made into a separate apartment because it doesn't have the required windows / egress for a bedroom I was told. 

So I'm hoping for ideas as to what to do with the basement.  It's accessible from outide the home through a first-floor door (which has a lock available to all tenants) to the common stairway.

Some questions.   I assume allowing tenants access to the common basement is OK and standard practice?   Also, should I consider renting the finished basement as an office to a non-resident of the house and add a lock to the door?   What are the requirements for an office?  [I couldn't find any issues with one window, one door, and two means of egress from the basement.)   Should I look at renting the finished area to a resident tenant for additional space (as an office or exercise room).   What would you do?   THANK YOU 
   

How large is the area and what's the window situation? I've had success converting and renting out windowless basement rooms as storage areas. This is especially functional when you learn a tenant has been paying for and maintaining a long term offsite storage unit for a while.

Home office in an apartment building basement I've literally never seen one. Storage unit? sure, illegal garden apartment? yeah, combined with the first floor with an internal staircase for extra rent off of the two story 1st floor apartment? My favorite. You've options.

What's the AirBnB situation out there? those requirements are quite varied 

Thanks again...  AirBnB seems very limited from what I can tell...  it seems like the best options for finished basement for the long term is to make available to the first floor as a bonus room of some kind, I appreciate your input - THX