Thought Starters for Making Money from Your Basement
July 1, 2021
There are so many options for finishing your basement and putting it to good use. That includes additional living space, a home office, a game room, and even a fan cave. But don’t overlook making money from that extra space.
Money-making Thought Starters
We’ve compiled a quick list of ways to make money from your basement.
- Increase the value of your home. One perfect way to make money is to increase the value of your home. Refinishing your basement into additional living space is a fantastic approach. It can take the shape of an added bedroom, a workshop or craft room, a game room, and so many other options.
- Set up a business office. You can set up your own business office in your basement. That could include primarily your own work, or it could also accommodate employee office space. This makes money by saving the cost of a separate rental for your business. Plus, it has some tax advantages and saves you the cost and hassle of a commute.
- Storage space rental. There are many services that are competing to be the Airbnb of self-storage space, competing directly with corporate storage facilities and doing so with local homeowners. Check out STOW IT, SpareFoot, and Neighbor. This would require that your basement is dry and has easy access.
- Functional space rental. In the space rental category, you can rent out your basement for meetings, events, artist studio space, music rehearsal, tutoring, photoshoots, or any number of activities. There are also services that connect hosts with those in need of low-cost space that fits their needs. Try Peerspace and Storefront to explore these options.
- Long-term apartment rental. Another option is to rent your basement as an apartment. That requires finishing your basement to accommodate apartment living with a bedroom, kitchen, bathroom, living space, and separate access, along with parking.
- Short-term apartment rental. A similar basement apartment setup can work well for daily and weekly rental options. That does come with hosting duties and cleaning between guests. Get creative and transform your space into something special like these cool basements to fill up your bookings to maximize your income. Look at Airbnb, Vrbo, and others on how best to start down this path.
As you think about making money from your basement, there are a number of things to consider. There are community zoning laws, building codes, safety requirements, and renovation costs. Plus, renting a room or meeting space versus an apartment or office usually brings in a different set of regulations. Then there are the marketing issues, such as the location, size, parking, and more that make your basement attractive to potential renters.
Plus, there’s the challenge of finding the professionals to do the renovations. That includes a contractor for the building and a foundation expert for basement waterproofing before you get started.
Basement waterproofing systems including interior drainage, sump pumps, vapor barriers, and dehumidifiers that provide strong protection against dampness, moisture, and pests.
Installing basement waterproofing should be done before installing surfaces like drywall or a floating wood floor. This prep work can also protect your renovations against potential weather damage from a hurricane or spring flood.
Where should you begin? Get a free inspection from your local basement waterproofing and foundation repair experts.