You’ve been meaning to do something with the basement ever since you moved in. At present, it’s mainly the place that things go when there’s no room upstairs. Instead of continuing to use it as a huge closet, why not transform the basement into usable space? A team from Penguin Basements: Renovation & Finishing can ensure all the basics are done. From there, you can use the space for anything that you like. Here are some of the perks of making this move.
Increasing the Market Value of the Home
It is obvious that you have to sell your property at some point in life, maybe in 30 or 40 years, or maybe before that, but leaving basement humid would make the whole building structure weak. When a basement is left unattended like that, it tends to make big problems. These problems include humidity and moisture in basement walls that travel towards the whole home. This could pose a danger to the electrical wiring of your home, wallpapers, paint, and to your health. When mold and moisture grow in the duct pipes, beneath wall coverings and damp carpet, the residents of the home have to live with the damp smell that affects the lungs. So, finish it before it creates problems.
Maybe you don’t have a specific use in mind right now. That’s okay. In the meantime, you can go ahead and have the space finished and waterproofed. Along with making it easier to keep the basement at a comfortable temperature and avoid the development of mold, this approach also does something else: increases the market value of the property.
The reason that happens is you now have more living space. While it was there before, it wasn’t suitable for anything other than storage. If you should decide to sell the property, that finished basement provides one more perk that helps you command a higher asking price.
Creating a Guest Suite
What happens when you have friends or relatives come to stay for the weekend? Do they end up on the couch in the den or do the kids double up in one room so the guests can use the other? If that’s the usual pattern, finishing the basement will make it easier for everyone to sleep in their own beds.
The finished basement can be outfitted as a guest suite. Given the fact that many basements are the same dimensions as the first floor, it’s easy enough to create sleeping and sitting areas. You can also include a basic bathroom complete with a shower. A galley kitchen at one end of the space would nice too. You can bet that your guests will love staying in that type of space.
Also, there are many occasions where your kids bring your friends for movies and house parties, but you just wouldn’t want to use your living room couches for that sort of party. In these situations, the basement space could come in handy which you can decorate with a little bit of effort. If it is a complete structure, there is nothing that cannot be fixed with a fresh coat of paint, a few couches, floor cushions, and some lights.
Making a Studio Apartment to Rent
Have you ever heard of passive income? Well, it is the idea to generate income without actively doing anything, but you will have to do a little effort in the start to get the profits in the long run. One of the ways to generate passive income is to rent out some space from your home. If you have a basement in your home that isn’t finished yet, then this is the perfect time to finish it and make it a way to earn some extra cash. This extra cash or income could be used for your shopping spree.
If your basement is already designed to have a private entrance, consider the idea of preparing the space for rent as a studio apartment. You can use the same basic strategy that you would use for creating a guest suite. Include a kitchenette at one end, a bathroom in a discreet area, and leave the rest of the floor plan open for tenants to arrange any way they like.
When it comes to finishing the basement work, the contractor will give you a lot of suggestions, and surely all ideas would be perfect but you have to consider your budget as well. There are permits and inspections as well which all seem so much for you. If you think that your basement has a lot of space and it could be more than just a studio apartment to rent, then think about outsourcing this space. When you want to rent out the basement, the tenants will make some changes to this space according to their lifestyle. So, it would be better that you outsource the space and don’t spend any money on it and don’t get any headaches of contractors.
This approach is great for creating another revenue stream, especially if you project how much of an increase in water and power it would take to bundle those expenses into the monthly rental rate.
The Craft Room You Always Wanted
If you’re the type who enjoys arts and crafts, you know how frustrating it is to spread everything out in one of the upstairs rooms and have to pack it all up at the end of the day. Choosing to complete a basement renovation in Ajax and set up a downstairs craft room eliminates that issue.
Feel free to leave projects and materials on a work table for as long as you like. When you’re done working on the project for today, go up the stairs to the first floor, turn off the light, and close the door. No one has to see the work in progress unless you invite them to the basement.
There’s a lot to be said for finishing the basement. Call a professional today and get the process started. Once the space is ready for use, it won’t take long to decide what purpose it should serve.
