The housing market is rising and doesn’t seem to be falling or opening up anytime soon. One of the things that come with that is the need for more spaces to rent. Homeowners are starting to realize that unfinished basements provide an opportunity to make their homes even more valuable and usable.
Property owners are taking advantage of unfinished basements and converting them into apartments to either rent or provide extra space for their adult children, elderly parents, or extended family. There is little to no risk involved in this home improvement because it simply can’t detract from the market value.
“Anytime you take something unfinished or not complete and add to that, you’re automatically increasing what the home is worth.” Said a spokesman for Basement Now.
Basement apartments provide a way for parents of young adults to deal with the current lack of housing options. Rent has skyrocketed over the last year, making it difficult to find a safe and suitable place for a young adult to live. However, most young adults don’t want to stay at home with their parents either. The basement apartment option gives them the best of both worlds. Basement apartments are usually self-contained and provide the same amenities as most one-bedroom apartments. As a result, parents can rest easy knowing their children are safe at home rather than in some questionable neighborhood while still giving them the independence they need.
It’s becoming more common for people to live in bigger family units, and this has been significantly on the rise since the beginning of the pandemic. With schools on limited schedules or hybrid schedules, child care has become a primary issue in most homes. In many places, in-laws are moving in to help care for the grandchildren so that parents can continue to work. It’s a beneficial arrangement, but sharing a space can be challenging at the best of times. This is another use for that unfinished basement; turning it into a living area designed explicitly for the in-laws can reduce tension on both sides.
Taking an unfinished basement and turning it into an apartment can significantly increase the resale value of any home. Once the children move out, homeowners can turn it into a rental providing a constant income stream, long-term returning the investment. Even if the market changes and housing is easier to come by in the future, there will always be a need for an affordable single-style apartment.
About Basement Now
Basement Now is a basement finishing and remodeling service provider that offers all types of renovations. They offer all-inclusive packages for all different sizes and types of basements. They take unfinished basements and turn them into functional, usable spaces and welcome addition to any home. From home office for the work-at-home parent to a fully finished apartment ready to rent, they offer options for almost any project.
Company Name: Basement Now
Contact Person: Media Relations
Email: Send Email
Address:219 Connie Crescent Unit 10A Concord
State: Ontario L4K 1L3