There are a lot of different types of renovations that can be done in a basement, depending on your needs. The great thing about basement renos is that no matter what you choose, it will always be worth the investment. If you want to make revenue from your basement, consider renovating it into a secondary suite.
With a basement suite, not only is it a double investment into value, but there are a lot of ways to make use of a suite. House2Home Improvements in Edmonton is a professional renovation company for big or small projects. They share some of the many benefits a basement suite can bring to your home:
1. Boost your property value
As with any major investment or project, such as a renovation, a boost to property value is typically on the must-have checklist. It’s also a must-have for any potential buyers who will want a finished basement. Remodeling Magazine’s 2019 Cost vs. Value report shows a basement renovation can recoup 70% of the cost. This isn’t just money back for you, but it’s also value added to your home. If you spend around $71,000 on a renovation, it will add just over $49,700 to your home’s value.
Add to the fact that your new renovation is a suite, and potential buyers will be even more interested. Not only is the basement ready to live in and use, but it’s also a potential money-making option.
2. Personal space for your or family
If you build a suite, it doesn’t have to be with the sole purpose of renting the space out. A suite can just as easily be enjoyed as a space for yourself or your family. A fully furnished suite can easily be used as a private man cave for those weekend sports-watching marathons. It also makes a great second space to host large gatherings or parties, without making too much noise above ground. Another idea is if you have adult children looking for their own space, it’s the perfect place to set them up. A separate entrance and private suite are a great way to give them independence, without being too far from home.
3. Room for parents or long-term guests
If you have long-term guests or relatives coming over, such as for the holidays, you can set them up in your suite! Rather than staying at pricy hotels or camping out on air mattresses, your guests can have their own space. It’s a great way to have everyone over, without the stress of always having lots of people in one space.
This is also an ideal space to provide a home for your parents, either just for visits or something more permanent. Independent living facilities can be expensive and aren’t always appealing to everyone. With a basement suite, your parents have a safe home, but everyone still keeps some privacy and independence.
4. Rent it out for extra income
The most common use, and a major perk, of a basement suite is having a revenue-generating rental unit. A little extra income can be put towards paying off your mortgage, saving for the future or other expenses. Just don’t forget to make sure you have your basement checked for any legal codes to ensure it is rental ready and safe. Read about picking the right tenant if you’re a first-time landlord.
Basement Renovations in Edmonton
House2Home Improvements is dedicated to not only transforming your home but also to unlocking all its hidden potential. They focus on turning your house into a perfect home that you will love for years to come. The company specializes in all home renovations from the basement and kitchens to decks and fences. If you want a transformative renovation, it is the company to call.