Friends want me to rent out the basement but not finished yet.
By suspenseful
@suspenseful (40193)
Canada
March 2, 2013 9:35am CST
My close friends have a son who wants to rent the basement in return for fixing it up. The trouble is that it puts me in a bind. I have not finished the basement, it has the frames and is boxed in, and I have the sink, shower stall, etc, and the pipes are in, but there is a hole in the place where the shower wall will be and the rest of the basement still has the cement floor and is fairly open. There is no insulation, there is no carpet on the steps, no bannister, etc. So it is not ready for occupation. So what it means that I have to pay him to fix up the basement and do not have all the money for it. That also means that I will have to install a door leading from the kitchen to the basement and the toilet has to be put in down in the basement, plus a stove and small fridge.
Now if it were partially finished, then it would be all right and he can have a room plus the shower and toilet and maybe a hotplate or small fridge like they used to do in the olden days.
The thing is that I did two large projects last year, the roof and the fence and cannot afford any major expenses for this year. I could do the basement in 2014 unless I go on a strict budget of no phone, no tv, eat poor food, etc. no buying clothes, no gifts. etc. and on top of that there is the income tax. I really have to save for this and cannot see it any clear until the next year.
So your take on this.
6 people like this
12 responses
@dfollin (24172)
• United States
8 Mar 13
Hi suspenseful,Just explain that to your friends,tell them that you cannot do that till next year.Here when you have a basement apartment by law you are not permitted to have a full stove in the basement if you have a kitchen upstairs.
I know weird! But,before you do anything check your zoning laws.
I know weird! But,before you do anything check your zoning laws.1 person likes this
@suspenseful (40193)
• Canada
13 Mar 13
I did not know about that law. So they have to use the stove upstairs. I can live with that. But even then if I were to fix up the basement, because of the expenses I had with the roof and the fence, I could not fix up the basement until next year. Even if it were a little bit. I think that we live in a one family zone here, so I can rent a room upstairs but cannot have a full renter downstairs with his own stove and fridge. That makes it hard.
@redredrose (1105)
• United States
3 Mar 13
If you can't do it then you need to let him know this and tell him you don't have the money to finish it yet. tell or show him even that it is not finished even enough for him to move in. If all he wants is to get out of his parents house then he will move in anywhere he can.
1 person likes this
@suspenseful (40193)
• Canada
13 Mar 13
I told him father that I cannot rent it. He has another place to rent. The trouble is that it takes me a while to save money and if I spend about ten thousand on a basement even in spits and spurts, it would take longer for me to recap the money needed. That means out of my pension and what I make here, there is a lot of things to use it for.
@deebomb (15304)
• United States
2 Mar 13
Hello suspenseful. I hope you are having a good day. After reading your response to ElicBxn I wouldn't rent the basement to your friend's son even if the basement was even partially finished. It sound to me like the young man is very irrasponsile and you could end up with a lot of headache. With your basement in the condition it is you have a very good excuse for not renting it to him and you can still have their friendship. Unless you need the basemennt finished for family I would leave it thhe way it is untill you are ready to get the work done.
@suspenseful (40193)
• Canada
3 Mar 13
I would rather get it done in one fell swoop. I do not want to rent it out even when partially done. For one thing, besides the others, I tend to talk to myself when thinking of a story or making decisions and it would not look good for someone living downstairs thinking I am off my rocker. He is a bit irresponsible, and does not have a good credit rating and he gets his checks cashed at a check cashing place instead of depositing his money in the bank. I can understand poor people doing that, but he has a good job in construction and even then if I want him to fix up the basement, I would want to wait until I have all the money in full and that might not happen until next year.
@avonrep1 (1862)
• United States
2 Mar 13
Suspense, if this guy works and has some money even if its not much, maybe the solution for you would be to let him stay there and do the work, but also buy the materials for the work. Even if he can't afford much, one week he could buy the installation, one week the dry wall, one week paint, one week flooring, and such till the work is done. Make an agreement in writing what needs to be done, and a time line. I don't know what rent is where you live but lets say its on the low end $500 a month make an agreement that he has to buy $250 worth of materials and do the work in exchange for living there each month. Progress has to be made each month or he has to vacate. This type of situation could work out for both of you. But only if he is buying the materials and doing the work. Also I would also include that the work shouldn't take more than x amount of time and when the work is finished he will have one month to find other lodgings as you never intended and don't want to become a landlord.
@suspenseful (40193)
• Canada
13 Mar 13
The thing is that the basement is not ready for occupy and I cannot have him live even though I am considered an old lady. It would not be right. I did have a girl rent a room, but the income tax people took all I got from her because it put me on a higher level. Also the basement would be illegal because it is mostly underground and just the small windows that no one can get out if there were a disaster except for a cat. My friends have the same sort of house and they have their daughters living downstairs, but that is different. But this man is no relation to me, so the city would not allow me any deductions in regard to rent. Even if I paid for the equipment, it would not work . I could have him to do the work but the only way for him to I've there is for me to get the whole house raised and the basement expanded upward so it would be legal.
I think I will save the money and get the basement all done at once for a place where we can have for entertainment.
@free_man (7330)
• United States
2 Mar 13
Hi Suspenseful. Why not rent the basement with the understand that if you rent it his pay will be what he puts into finishing the basement. I have rented many places where if I would buy the paint and paint the place it would come off what I owed for rent. If I put in carpet that I could find it came off the rent. There are a lot of carpet outlet stores in the cities that you can get very large pieces of carpet for nothing sometimes or a little bit of money if they have a spot or a stain somewhere they can't cut it out. Heck we got a very large piece of carpet from an auction for this place and it is nice carpet for 40 bucks and it did two 8x10 rooms and a few scrap pieces to put in front of the kitchen sink and frige. As for the appliances you need you can usually pick them up at these auctions that is where we got our washer for 40 bucks and it works great. By trading out the work for rent you save money and get the basement finished without spending too much money. Have done this for many places I have rented. Good luck hope this helps my friend. The bartering system worked back in the ole days they can work that way these days too.
@suspenseful (40193)
• Canada
3 Mar 13
Because the basement is not finished yet, and I do not want anyone living there until I have a room finished and the bathroom finished and a door put at the top of the stairs so no one can come into the top part of the house. Not only that, but the government here would want the rent and also they charge for water. So it would not be trade rent for finishing the basement. If it were just trade one for the other, it would be all right but I would still have to pay extra for the water, hydro, and electricity built into the place.
@natliegleb (5175)
• India
3 Mar 13
just go for it and give it only if it is finished with utmost priority for sure
1 person likes this
@suspenseful (40193)
• Canada
13 Mar 13
It would be an illegal suite. If it were finished though, I could rent a room upstairs and have most of the things stored downstairs or a place downstairs to entertain and watch tv, but then it would have to be for a girl. And if I wanted to make it legal, I would have to raise the main floor of the house and thus raise the basement so that the windows would be above ground.
@ElicBxn (63235)
• United States
2 Mar 13
I would just explain that you can't do it yet. That you don't have a functioning bathroom down there and its uninsulated. Also explain that you can't afford to get it into the condition it would need to be to even be close to renting out.
I'm suspecting that either they or the son just wants a way to get out of the house, well, it doesn't have to be your place.
1 person likes this
@suspenseful (40193)
• Canada
2 Mar 13
He has a bad credit rating and the place he is renting now wants him out. They could take him to their house, but they already have their two daughters there although one of them is engaged and will soon be married and out of the house and they are renting a place to an older man who is working but he does not make that much. But I have not the place finished yet. So it is not ready. And I cannot afford to make a major expense. Nor do I want to put it on credit.
@Kashmeresmycat (6369)
• United States
2 Mar 13
I think you should wait on this until it's completed. Just a word of warning too..it's not always a good idea to rent to friends or family. A lot of the time when they come up short on the rent, they just expect you to say it's ok because of the relationship. I'm not saying you can't have that with a regular tenant but they're less likely to do it.
Your friends just seem to be in too much of a hurry to rent it, so be careful. At this time I would just tell them politely no. 
1 person likes this
@suspenseful (40193)
• Canada
2 Mar 13
I rented a room to a friend of mine and she wanted lower rent. The trouble is that the income tax people took all the money I saved. I do not mind paying for him to fix up the basement and then renting it, but that will take at least $10,000 for the whole works and probably more and I am not even a tenth there yet.
@dragon54u (31636)
• United States
2 Mar 13
Don't let anyone rush you into something you're not ready for. You've planned your expenditures very carefully and if you deviate from those plans you take the risk of not having enough to live on. You are one of the best money managers that I know of.
Tell them it's not ready and won't be until at least late next year. I read that he has a bad credit rating and is being evicted and you certainly don't want that type of renter!! If you're concerned about losing your friends over this remember that if you do, they are not worth having.
Stick to your plan and let them find another place for their son. If he had the right skills and would do the work for you in exchange for living there for a few months you might consider it but as it is, this sounds like a losing proposition even it the basement was finished already.
1 person likes this
@suspenseful (40193)
• Canada
3 Mar 13
I do not mind letting him do the work when I have the money to pay for it, but not for him to live there. I plan to have it for friends to come over and have coffee, etc. but not as a place to live as the basement windows are high up and not regular sized windows. In order to make it legal, I would have to raise up the house and that would be too expensive. Also I do not like the idea of doing things because I bought something or because it is assumed my husband left me a lot of money. And money just flows like water into my hands. I do not like the idea of him having a bad credit rating.
@gitfiddleplayer (10362)
• United States
2 Mar 13
If they want to live there then they should fix it up. I would specify how you want it done but I would have them do it. Don't put yourself in hoc trying to get a place ready for somebody who will only stay there for a little while. Talk with the parents and let them know the deal, hopefully they will be understanding and you can have your basement finished.
1 person likes this
@kprofgames (3091)
• United States
2 Mar 13
It is a hard place to be in when you're getting pressure from your friends. I would be hesitant to do the same for the same reasons you pointed out. Having a rental in your basement also means it has to be up to code, which if he's not licensed could cause you even more expenses down the road.
I have never had any luck from 'friends' being renters because they thought their 'friendship' was more important than paying the rental price. That isn't always the case but a person has to draw the line there.
I agree with you that you should finish it then rent it out. And if they are really your good friends, then they will understand and respect your decision.
1 person likes this
@suspenseful (40193)
• Canada
3 Mar 13
I did rent a room to a friend but she could not afford the rent and had me lower the price. Also because I was honest and did not want to cheat, I had it on my income tax and that put me over the bracket. So for that reason, I do not want to have a renter. Even when my basement is finished, it would not be legal because it is almost all underground and only a cat or snake could get out of the windows. So I could not rent it anyway. They have their daughters sleeping in the basement that is the same as mine, but that is different because they are family, but I would be in trouble and the tax man would notice if I did not declare the income and there was quite a bit of extra money, like at least 300 dollars or so each month.
@lelin1123 (15595)
• Puerto Rico
2 Mar 13
Tell your friends what you just wrote here. Its plain and simple I can't afford to finish the basement at this time plus pay your son for helping me fix it up. Explain everything from the projects you did in 2012 and that now you can't afford to do anything till maybe next year. Don't feel guilty about this; to me its not your problem because they are the ones asking for the favor and you can't deliver at this time. If they are true friends they will understand.
1 person likes this
@suspenseful (40193)
• Canada
2 Mar 13
I told them that and sent them an email that my sons, one who is an accountant, told me. I do not want any renters at least not yet. For one thing the front door always sticks in winter and so if the back door was cut off, I would have to have a stronger person make sure the front door is locked. Last year, because I had bought an ipad that I had saved up for and bought the iphone that I had saved for, people thought I was made of money. So they suggested I fix the fence even though it could have waited. The roof had to be done because the insurance demanded it. And when I decided to cut down on my tv cable, it was not supposed to be, in my friends's eyes (and that meant others) to put more money towards the basement it was so I could give more then what I did in donations.
