After years of working, raising three daughters, traveling the world and stints in the Peace Corps, we discovered what we affectionately call “the one” – a small home we fell in love with.
The basement was being rented, but wasn’t a permitted apartment. Some people would see a headache in that — an unpermitted unit with no functioning heater and some dry rot. But we saw potential, and rental income that would help us live the retirement lifestyle we wanted.
We began renovations as soon as we bought the property. We were set on getting building permits so the downstairs apartment was safe and could be rented and insured legally.
There were some challenges, but we enjoyed drawing up plans, meeting with building officials, and hiring a contractor. And the result is an apartment that provides us with about a third of our monthly retirement income.
Our tenants have loved the renovations and the cozy apartment. Our first tenant got engaged and moved to be with her fiancé, and our next tenants were former Silicon Valley residents drawn to the coast and our neighborhood. We love that they have a dog who can romp and play with ours.
