I have shared with readers Why I hate basement apartments. I don’t think I’ve ever discussed the idea some homeowners have had to over improve their basement apartments and then ask the same and even more rent as upscale condominiums. Recently I really struggled to rent one of these “Blofts” it took forever. There was no parking, it was in Scarborough. I even managed to fall and injure my shoulder showing tenants the “access” to TTC via the back yard. After months I found roommates working 2 jobs each willing to take the place, also good credit, also non smoking. Then the owner decided to send out one last flyer blast to secure parking in the area and was successful. Immediate rent increase: $300 for the parking. He now thought his bloft was worth $1400 per month in spite of the fact that condos with swimming pools and amenities rent from $1250 with parking walking distance from his… basement apartment.
3. an awesome and legal basement apartment featuring heated polished concrete floors, glass block walls, exposed rock foundation wall, sunken soaker tub.
I think this definition should come with it’s own warning sticker “This was written by your local real estate dealer… on meth”
Blofts as a Strategy
Your basement apartment should be nice, look good, and be clean, presentable and safe. There is no need for granite, that’s all. No one is going to pay you extra rent for granite in your basement. If they could afford to pay extra they’d be above ground.