Having a basement that you don’t use for anything else other than storage is something that many people would consider a waste of space. Given the demand for housing these days, there are many people who would be more than happy to use it as an apartment or even a simple bedroom. A very good example of this is graduates who have just left college and are looking for jobs, but don’t want to move in with their parents. In such instances, having a small, cheap space they can rent can be a godsend. For you as the homeowner, it means that you can finally turn this relatively unused space in your home into a money making investment.

The challenges you are likely to face

When you want to turn your basement into an apartment, there are a number of challenges you will face. Most of the time, this depends on the plans you have for the facility. However, the one that most people have a problem with is how to go about doing the renovations. Remember, the key is to not spend so much on it so as to make it difficult to recoup the cost of the renovation. However, you should not do it so badly that you end up with a basement that no one wants to live there. The key to profiting from such a venture is to do the renovation with a balance of both practicality and economy.

What are the guiding principles you can rely on?

In order to do this, there are a few things you can use as your guide in determining how to go about doing the renovation. Basically, there are a few rules that almost anyone can use when starting off such a project. These include:

•    Make it safe

When you are renovating a basement to turn it into an apartment you can rent out, you need to make sure that it’s made safe enough. This means getting rid of all the mould within it, as well as putting in place measures to ensure that such mould never grows again. In addition to that, you may also need to get rid of any items that may prove a threat to life, including sharp items that harm someone. Ideally, you should have your contractor smooth the edges in the interior to make it look more sophisticated.

•    Make it practical

What types of tenants are you interested in attracting? For instance, there are some people who are only comfortable with subletting such facilities to single individuals. In such cases, you can also keep this in mind when doing the renovation. For instance, you can design it in such a manner that there is just enough space for one person to live there comfortably.

The other aspect of practicality you need to keep in mind is the ergonomic arrangement of the place. For instance, if your tenant will have clothes, do they have a place where they can keep them? These are issues that often seem minor when you are doing a basement renovation, but which eventually make all the difference in determining whether the effort will be worthwhile or not.

•    Make it attractive

Granted, there is rising demand for housing out there. However, does this mean that people will be more willing to settle for less and less? This is not the case in many parts of the world. In fact, you may get a lot of people showing interest in the basement, but then not call you back once they see it.

Making sure that you spruce up the place during the renovation is important for you to attract customers. This does not have to be expensive either. You could even spend much less on a minimalist design, but as long as it has an element of aesthetic appeal to it you will be sure that people will want to rent it out. All you have to do is try!

•    Make it last

Remember, your basement will still be part of the house even if no one rents it. The notion that you should use low quality materials in renovating it is therefore not one you should live by, since this will only do you more harm than good. You should always try to make sure that the finished product is one that even you will like. This way, it will even add value to your house.

Get started on your basement conversion today

The key to proper basement design is making sure that you are always deliberate in all the decisions you make, and that you always consult a professional throughout the process. At the end of it, you will find it to be a venture that is more than worthwhile. You can make money from a renovated basement, you can also use it to host friends and family members as a recreational room or even turn it into a gym for your healthy living goals – the options are limitless so think about it today!