That empty dark basement you’ve got at home? It’s a money making machine and I’m here to tell you how to cash out.
You may know that buying real estate is a good investment, but what if your home has more money in it than just the market value? The best way to get the most money out of your investment is to maximize its assets – and you may not even have to look further than your staircase. Believe it or not, the basement is a great place to turn for extra income
Though many people think to turn their basement into a living room, family room, or play room, there are several ways you can turn your basement into a cash machine that don’t involve a sofa and big screen TV.
Here are 6 ways to get more value of out your basement:
Renovate it. Turning your unfinished basement into a livable space increases the value of your home. If your basement is finished it may be a good idea to give it a facelift with a fresh coat of paint as well as new carpet or flooring.
Add a kitchenette. If you are going to undertake basement renovations you may want to change the way you use the space. People love a good space to entertain guests and where better to do that than in a kitchen. According to U.S. News the average cost of a kitchen remodel is $18,856 but “savvy shoppers can do it for less.”
Sublet it. You may want to renovate your basement into a complete apartment and sublet it out to make some extra monthly cash. If this is the case, be sure to add defined space for a bed, a kitchen, and a bathroom. This will most likely be an expensive renovation, but it could end up having a big pay off.
Find out the other 3 ways to generate cash from your basement here.