You will have to ascertain whether your basement has any cracks or drainage problems that could interfere with comfortable living. Floors, drains, eaves troughs, downspouts and window wells should be keenly inspected, preferably after a typical rain or storm, to see if there are any issues that need to be corrected.
If you decide that a basement suite is a reasonable option, you should be aware of the fact that lower level suites are considered to be among the least desirable places to live by tenants. For this reason, it is important that you take measures to make your living space more appealing to renters.
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