Basements can mean different things for different people.
We’ve talked about this before; more living space for a growing family. The fire place you always wanted and a place to snuggle with a good book. Your own theater, wine cellar, wet bar. A home gym or craft area or children’s play space (ie, place to hide the toys). A sound studio or a man cave. What can be done in a finished basement is left to your imagination!
There’s also the added value to the home that occurs when you finish or remodel a basement; we’re talking considerable value to your home that gives those wispy dreams some solid staying power.
But here’s something new: Have you considered using your basement as a form of income? Having your renovations generate some cash gives the whole concept a new spin. Particularly in Madison, renting out a basement apartment to a serious student or newly single person is a win-win situation.
Creating a living space you intend to rent out will take a few added steps but the work put in will surely bring you a profit.
Check with your personal home insurance to be certain this is something you can do. You will need to have your place inspected, for your own peace of mind, as well as being aware of what preliminary construction needs must be met.
It is wise to be certain the right kind of electrical hook ups for refrigerators, stove, laundry and enough house hold outlets for comfortable living.
In constructing, naturally private access is ideal, but by no means imperative. You can sit down one evening and figure out how to divide your expenses (mortgage, taxes, utility costs, etc), so you can judge what a fair rent would be.
You will also want to create a renter contract which will need to be agreed upon before your tenant moves in. (smoking, pets, food, guests, credit check, background check and references) These generic forms can be found online.
We can help you with any idea you have for your basement: from new room for you to new living space for a renter. Let’s sit down and make sure we take your dreams or ideas and make them real!