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Upgrade Your Basement and Give Yourself Added Income

Have you ever thought about developing another source of recurring revenue but hate the idea of taking a second job? The solution may be simple than you realize. If you happen to have a basement in your home, that space could be upgraded into a cozy and comfortable studio apartment. Here are some ideas on what to do with the space and what the basement apartment will mean for someone who is looking for a place to call home.

Have you ever thought about developing another source of recurring revenue but hate the idea of taking a second job? The solution may be simple than you realize. If you happen to have a basement in your home, that space could be upgraded into a cozy and comfortable studio apartment. Here are some ideas on what to do with the space and what the basement apartment will mean for someone who is looking for a place to call home.

Who Would Want to Live in the Space?

Some people don't require much room, especially when they spend most of their waking hours at work. The idea of having a larger space to keep clean holds no appeal for them. All they want is something with all the essentials. This type of person would make a great tenant for you.

Others are not in a position financially to purchase a home right now. In order to set aside money in hopes of being able to buy a property after the rising house market levels off, they need a place to live that's affordable and less expensive in terms of rent, utility costs, and general upkeep. This type of person would also find your renovated basement to be a great option.

In short, there is a demand right this minute for the type of living space you would be able to offer. It's not a matter of investing in new awning windows or sliding doors to make an entry and hoping someone will like the place. Instead, it's a matter of getting the space ready and having your pick from any number of applicants.

Converting the Space

Assuming the basement is already sealed, the main focus will be on making the space functional and inviting. You may need to add plumbing for a kitchenette and a bathroom. There's also the need to install cabinetry for the kitchen space. Adding tile to the floor will soften the look of the space. You could also stain the concrete and seal it if you like. Using brighter colors for the walls will make the space seem larger and ensure that the natural light coming through the smaller windows is used to better effect.

Remember that the tenant will need a private entrance. Adding this to the basement design will not be as difficult as you think. In fact, a contractor can manage the task without a lot of trouble. The process will require structural changes that are no more complicated than installing a new set of customer residential garage doors. Even the space under the indoor stairs can be enclosed to make a neat closet.

Now is an ideal time to talk with an expert and settle on a layout for the new walk-in basement apartment. Think about what features and amenities would be necessary in order for you to be comfortable in the space. While it will mean investing some money up front, rest assured that finding the right tenant in the current housing market will not be difficult.