How To Use Your Basement Space and Create Value with Your Basement
Is your basement working for your home? There are a lot of ways to use your basement space and create value with your basement. While the basement might be an easy area of your home to forget, there is endless potential waiting just to be explored.
Whether you plan to sell your home in the near future or you just want more usable space, transforming your basement can do wonders for your home value. Not only can you add living space, but you can create optimal storage solutions that make your home more usable. In this guide, we’ll talk about how to use your basement space to create real value.
Why Use Your Basement Space?
First, let’s talk about why you might use your basement space as a way to create value. There are a number of other home renovations you might consider first, and those might even be more glamorous at face value. Who doesn’t love a kitchen makeover or an upgraded bathroom?
In reality, your basement deserves more attention. You can transform your underground space into an additional bedroom, rental property, or even just a nice place to store those seasonal decorations. Ultimately, it’s a way to make your home more valuable and usable.
Most importantly, a finished basement will bring you an average return of around 75%. That’s a big improvement! Now let’s discuss actual ways to use your basement space to create value.
1. Build a Bedroom
If you finish your basement with proper insulation and utilities, it can actually become an extra bedroom. This is a great place for guests to stay or even just to expand your family.
In most areas, your room needs to have at least two exits in order to be considered a bedroom, as well as a closet. Usually adding an exit means building a window or widening a window, but this can add significant value to your property.
2. Income Property
Another exciting way to use your basement to add value is to turn it into an income property. Whether you create a rental unit for long-term renters or list your space on a vacation website like Airbnb, there is some serious potential here.
Of course, always check with your county’s laws before building income property in your basement. There are safety and parking codes you’ll need to make sure you meet.
Having a rental space is not only a great source of income, but it can be appealing to prospective buyers when you’re trying to sell your home. A tenant on-property will help pay a portion (or all!) of your mortgage or a new buyer’s mortgage. Extra cash flow is always a good thing.
3. Recreation Space
Another way to use your finished basement is for extra recreation space. Finished basements don’t always count as additional square footage on your home, but they’re still really appealing to potential buyers.
Having usable space for recreation or even an office will make the home more usable. This is especially true for families with kids or who welcome a lot of guests into the home.
4. Storage Space
Last but not least, a finished basement makes great storage space. Even if you don’t have the time or the money to invest a lot of effort into making the space livable, you can still make it functional.
Installing lighting, cabinets, shelving, and other storage options will help your basement become an easy place to store items that aren’t currently needed in your home. It’s inexpensive to transform your basement into a storage space, so don’t overlook this option if you’re on a tight budget.
It’s Time to Use Your Basement
Let’s all agree that it’s time to make more out of the space we have. If you have an unfinished basement, now is the time to put it to work for you. Creating a finished, functional basement is more than an investment. It’s a way to transform your home.
Don’t let any space in your home sit unused. You have a lot of options just below your feet; now it’s time to make sure your basement works for you!