There are many benefits of having a finished basement. You can use it as a family rec room, a home theater, or additional storage space. But you can also use your finished basement as a way to make some extra money.
From renting out your finished basement as an apartment to saving on college boarding fees, here are a few ways you can make some extra money using your newly-renovated basement.
Rent out the space to tenants or visitors
There are a few ways you can rent out your finished basement to make some extra money. If becoming a landlord or renting out your property is a path you’d be interested in taking, here are a few ways you can rent out your basement:
- Rent your basement as a unit. If your finished basement has a bathroom, kitchen, and separate entrance, you can consider renting out your basement as an apartment to a tenant you trust. But remember that you’ll need to go through the process of becoming a landlord and you’ll need to maintain the property regularly.
- Rent your basement as a room. Websites, where vacationers can rent out a room in a person’s house rather than renting a hotel, are becoming increasingly popular. If becoming a landlord isn’t something you want to do, you can rent out your finished basement as a room for tourists and other vacationers, instead.
- Rent your basement as a storage area. Storage spaces can be expensive and even inconvenient to drive to periodically to access your stuff. If your neighbors or other people in your area are looking for a place to store their belongings, consider renting out your finished basement to them. This arrangement works best if you aren’t using your finished basement for other things such as a rec room.
Ready to invest in basement remodeling?
Whether or not you plan to rent out your finished basement, a basement renovation can have a major impact on your home. In fact, according to Home Advisor, the average basement remodel can have a return on investment up to 70%.
That said, when you’re ready to invest in a basement renovation or other room addition for your home, the residential contractors of Distinctive Design can help. For more information about our home improvement services and basement renovations, contact Distinctive Design today.