Building a basement apartment could net you a tidy sum of cash each month to sock away for a second home, trip to Europe or whatever luxury you may be fantasizing about.
Too often, our basements end up as little more than wasted space. It’s a good spot for your washer and dryer, but if you have to climb over sporting goods and boxes of your kids’ old trophies while carrying a load of laundry, you should probably make some changes. Clear out the clutter and turn your space into a basement apartment. It’s a multi-use project.
Who could live there?
1. Adult Kids — The reality is, the average college student today graduates with more than $30,000 of debt. Depending on what kind of job your graduate gets when they get out of school — if they have a job at all — might make it hard to make those student loan payments while footing the bill for rent and living expenses too.
If you don’t want to baby your kids, charge them rent! Put it in a separate account, then when they’re ready to get married, you can use the money for the wedding. (Don’t tell them!)
2. In-laws — Whether they’re your parents or your spouse’s, they’re getting older and they might need a little extra help soon. It’s much easier to provide if they are already under your roof. And having them in their own basement apartment provides them (and you) with the space you need to be able to live peacefully together.If you have young kids, this could be a great reciprocal deal, as they might be able to provide some free babysitting as well.
3. Tenants — One of the best uses of a basement apartment is renting it out. All these years you’ve been paying a mortgage — let your house make some money for you for a change! Rents are skyrocketing across the U.S., and the affordability a basement apartment provides is highly attractive to students, singles or anyone on a budget.
Regardless of who you may allow to live in your basement, remember to consider building codes when you start planning. The experts at Falk Construction know Utah building codes inside and out, but it’s good to be aware during the planning stages of some changes you might need to make to your basement, as this will affect your budget.
For example, windows must be of a certain size and a particular height off the ground. If they’re not, you must bring them into compliance before you can get an occupancy permit.
When you’re planning any type of home remodeling job, depend on the skills and experience of the team at Falk Construction. We do all types of home construction and renovation projects, and we also serve as general contractors. Call us today to talk about building a basement apartment.