When renovating a basement to generate rental income, one concern often arises: What if my tenant doesn’t pay rent?
It’s a valid worry. After all, taking on a project to earn passive income can quickly feel overwhelming if you’re imagining potential disputes or financial setbacks. But here’s the good news: the fear of non-payment is often bigger than the reality.
Let’s break it down and put those fears into perspective.
According to recent statistics, Ontario has approximately 1.75 million renter households. As of March 2023, the Landlord and Tenant Board (LTB) reported around 53,000 unresolved cases—but here’s the key detail: these disputes include far more than just rent payment issues.
When you crunch the numbers, you’ll realize that over 97% of rental agreements proceed without significant issues. That means the overwhelming majority of tenants pay their rent on time and maintain a good relationship with their landlords.
The takeaway? While risks exist, they’re far smaller than they might feel.
At BCR Basements, we know that overcoming this hesitation is crucial for homeowners looking to transform their basements into income-generating spaces. That’s why we’ve created a process to give you complete peace of mind, so you can focus on the benefits without the stress.
Here’s how we make your basement renovation project not just simple, but stress-free.
When you work with us, we take care of everything—start to finish. Our guarantees ensure you’re never left guessing.
Say goodbye to hidden fees or surprise charges. The price we quote is the price you pay—no exceptions. This includes everything, even appliances, so you won’t need to worry about unexpected costs down the line.later
Your time matters. If we’re even a week late delivering your finished basement, we’ll pay $1,000 for every week of delay.
We pride ourselves on quality. If your basement isn’t flawless when we’re done, you don’t pay until it’s perfect.
Renovating your basement is only part of the journey. Finding the right tenant is another—but we’ve got you covered:
By the time we’re done, you’ll have a beautiful, move-in-ready apartment and a process in place to attract reliable tenants quickly.for quickly attracting reliable tenants
The benefits of adding a secondary suite to your home go far beyond just financial gain.
Imagine turning an underutilized basement into a source of monthly income. Whether you’re saving for retirement, paying down a mortgage, or just looking for extra cash flow, rental income can make a huge difference.
A well-designed basement apartment doesn’t just help you today—it adds significant value to your home if you ever decide to sell.
In high-demand areas like Ontario, creating a secondary suite contributes to solving the housing shortage by offering more affordable rental options.
With over 700 successful basement transformations, we’ve fine-tuned our process to ensure you get the results you want—without the overwhelm. From initial consultation to tenant setup, our team manages every detail with factory-like precision.
We’re not just renovators. We’re partners in your journey to create a true asset in your home.
By creating a high-quality, attractive living space, you’ll not only gain financial freedom but also peace of mind. Let us handle the details—renovation, tenant setup, and even between—so you can enandrewards without sleepless nights.—so
Ready to take the first step? Contact BCR Basements today and discover how we can help you transform your basement into an income-generating haven.