Basements are pure, untapped potential measured in square feet. There is so much more that homeowners can do with all that space than letting cardboard boxes and old exercise equipment gather dust. A finished basement adds value to a home, and a basement revamped for a purpose adds even more. Depending on what is done, a basement can also become a source of income. No matter the choice, a finished basement makes a home more fun to live in and easier to sell in the Denver real estate market.
One of the more common uses for basements is converting part of it into another bedroom. Why not go a step further and transform it into a separate living space? Owning a full apartment is an excellent way to generate passive income, and living above it means less hassle maintaining it and keeping an eye on tenants. In an era of boomerang kids, a basement apartment can be a practical way to help children get established in their adult lives while still giving them the privacy and independence they need.
Good lighting and bright colors are essential for basement apartments since there aren’t as many natural light sources. It should also be built with the needs of prospective tenants in mind. A college student won’t be looking for the same thing a young family just starting out would.
We live in an era of side-hustles where people either ply their hobby or a second job as a way to generate extra income. The great thing about side-hustles is that they can become someone’s main job and keep growing from there. They often just need a place where they can grow. Converting a basement into a business can provide that place. After all, Bill Gates started Microsoft in his basement.
Turning a basement into a business means renovating to suit the business’s needs. A bakery has different requirements than a hobby electronics shop or boutique hair salon. The same goes for any needed amenities like bathrooms for employees and customers.
A Multimedia Experience
Building a home theater, game room, or man cave is a good option; all those can even be one and the same, but why limit oneself? Telecommunications has morphed beyond electronics being made with a dedicated use in mind. How we utilize them in the home has also changed, as the various smart devices have shown.
Make a virtual family room where you can stay connected to distant loved ones via video calls. People living several states away can virtually visit and even share meals. The basement can also be made into a mini studio for those who create content for YouTube, stream games, or enjoy producing podcasts.
Any radical basement renovation project, or even milder ones like hanging drywall and installing a ceiling, will need things like permits and inspections. Depending on the nature of the project, there will likely be zoning issues to research before starting, and some neighborhood groups may require a vote for additions like an apartment or business. Get everything approved, and enjoy a home addition that adds value, enjoyment, and maybe even some profit.