Do majority of families in Lakewood rent out their basement?

amother

Tue, Dec 19 2023, 12:11 am

Someone told me that this is what most people do in order to pay their mortgage.
I would not want people living in my basement. How does everyone deal with the lack of privacy?

amother

Peru

Tue, Dec 19 2023, 12:12 am

I think the answer is yes, most people do rent out their basement.
You do lose some privacy.
People do it because this is how they can afford to buy.

amother

Peony

Tue, Dec 19 2023, 12:13 am

No majority does not. Certain type of houses were built that way. You can buy a house and not rent it out. Many only qualified for the mortgage with having rent from the basement included.

amother

Cinnamon

Tue, Dec 19 2023, 12:25 am

I think it depends on the neighborhood,
I don't think in Hearthstone most people rent out, but I would say that in Sterling Forest most do.
I would also think that a neighborhood that has a lot of investors owning the houses would have more basements rented out, then in neighborhoods that the owners live in there homes.

amother

Turquoise

Tue, Dec 19 2023, 12:30 am

Pays my mortgage. I wish we could afford not to rent it out. The builders also build the basement ready to be rented out.
Bought a house about 2 years ago. Mortgage rates were going up then...
Actually, dont find that it disturbs my privacy. And, Im a very private person.

amother

Cinnamon

Tue, Dec 19 2023, 12:35 am

Another thing, if you buy a house with out an outside entrance to the basement your property taxes are lower.

My house taxes are lower by a few $1,000 then my neighbor because I don't have an outside entrance to my basement.

Chayalle

Tue, Dec 19 2023, 9:13 am

I have an unfinished basement and people ask me all the time, why don't you finish it and rent it out to pay for the costs?
Not. Want my privacy, don't want someone in my basement.

amother

Purple

Tue, Dec 19 2023, 9:15 am

We do, we’re a young family and use the income for property taxes and savings. But as soon as we don’t feel we have to, we’ll stop.

amother

Chocolate

Tue, Dec 19 2023, 9:20 am

In my neighborhood, the basements are built to rent out but more and more ppl are opting to keep for themselves. I guess they don't need the income. I can't fathom managing without the extra income, in fact I wish we can raise the rent considerably as prices have gone up drastically since we started renting out but we can't just raise so we stayed the same price. Doesn't invade our privacy at all.

amother

Tue, Dec 19 2023, 9:24 am

amother Purple wrote:

We do, we’re a young family and use the income for property taxes and savings. But as soon as we don’t feel we have to, we’ll stop.

When does it reach a time that you can easily say you don’t need an extra $1800 a month?

amother

Melon

Tue, Dec 19 2023, 9:33 am

amother OP wrote:

When does it reach a time that you can easily say you don’t need an extra $1800 a month?

Not every basement goes for that much. Mine doesn’t.

amother

Hyacinth

Tue, Dec 19 2023, 9:34 am

amother OP wrote:

When does it reach a time that you can easily say you don’t need an extra $1800 a month?

When you arent $1800 in the red each month without the rent.

amother

Wheat

Tue, Dec 19 2023, 9:35 am

This is mind-boggling to me. I don’t understand why people are buying such big houses that they cannot afford and require to take in tenants in order to pay your mortgage. That’s so incredibly unstable and risky! When you don’t have tenants for a month, how do you pay your mortgage then?

Why are people not just buying smaller houses that they can afford without a tenant?

amother

Blueberry

Tue, Dec 19 2023, 9:37 am

most basements are rented out. most have that in mind when building a house.
And basements these days go for over $2k

amother

Outerspace

Tue, Dec 19 2023, 1:04 pm

amother Wheat wrote:

What exactly is the problem? . Its called being smart and big minded

amother

Mocha

Tue, Dec 19 2023, 1:07 pm

amother Wheat wrote:

The houses are not necessarily that big. I know people with small houses who rent out small basement apartments.
I don't think most people who do it are living penny to penny and would be stuck if they don't have a tenant for one month. But overall it helps their financial situation, and maybe enables them to even save.
Also many people plan on using the basement apartment in the future for when they want to host their own young couples.

amother

Brunette

Tue, Dec 19 2023, 1:45 pm

the townhouses, duplexes and newer single family homes are the ones with rented basements. Older houses do not really have that option. For those that say they dont feel lack of privacy by having someone in their basement, Im wondering if you ever lived in a basement yourself. After living in a basement for quite a few years after I got married, I could say you hear alot of whats going on. Even with soundproofing.

amother

Blueberry

Tue, Dec 19 2023, 1:46 pm

amother Brunette wrote:

older houses rent out to playgroups or furnished but they definitely rent out
Whispering pines and sterling place are both over 15 years old and most are rented out

amother

Oatmeal

Tue, Dec 19 2023, 1:51 pm

Are you from Lakewood? You might not understand how the new construction works. This isn't like a regular basement. All the new houses, especially the duplexes and townhouses, are built with large nice full legal apartments in the basement. Separate entrances, separate utilities, everything. They're not meant to be used with the main house, and even though some people do, it's more of an awkward setup. You can use it as a pesach kitchen, guest rooms, or maybe for teens but it's not meant to be part of the main house.

Living in the townhouse or duplex, you don't have that much privacy to begin with. But yeah. The builders can claim extra soundproofing but you tend to hear a lot.

amother

Camellia

Tue, Dec 19 2023, 2:06 pm

It used to be very popular that the owner would move to the basement and they'd rent out the upstairs.

1) you can get a lot more to put away for savings
2) upstairs tenants tend to be a lot more long term
3) its easier to sacrifice and squeeze with 3,4,5 children in a small 2-3 bedroom basement when you feel the actual benefits and money.

They would buy the house married 5 years with 2 babies. When their 6th or so was born, the tenants would move, they'd move upstairs and get new tenants for the basement.

I don't know many people who do that anymore.