An Extra Bedroom
One way of using the extra space is as another bedroom, which can make the property more appealing, especially if you’re targeting the family or house-share markets. There are elements that will have to be included for the conversion to be classed as a bedroom, including ensuring there are enough windows and a fire escape, so check with your contractor about what regulations you need to meet.
Add in a Bathroom
When you’re looking at the basement culture and finishings, if you’re putting in an additional bedroom, it could be a good idea to have a second or even third bathroom in the space as well. The cost of this will be greater than just having a bedroom by itself due to the plumbing requirements, but in the longer term this investment will pay off. Properties with more than one bathroom are much more appealing, and when you’re looking to rent it out or sell the house, it will go much quicker.
Easier Than an Extension
Planning regulations can often prevent you from extending the property outwards, and the cost of this can often be prohibitive. With an existing basement it is much easier and cheaper to convert this into a liveable space to give you the extra room that you require.
Increase the Income
If you’re going to be renting out the investment property, having a finished basement that creates more space will be a big bonus. An additional bedroom or bathroom will enable you to charge a higher monthly rent, and a more appealing property is less likely to sit empty for a long period of time.
Storage or Recreational Space
You don’t have to convert the basement into a living space for it to offer benefits for prospective tenants and buyers, as they are drawn to the extra space even if they’re only going to use it for storage or as a playroom or a games area. Working on the basement culture and finishings gives the property a wow factor when compared to others and helps it stand out in a crowded market.
Save on Materials
One of the good points about finishing a basement in a standard property is that you don’t have to use top-quality materials, as people won’t be expecting this. Some materials, such as hardwood flooring, are even impractical for basements, as they can be affected by the excess moisture. Rather than looking at the quality of the finish, which they’re concerned about in other parts of the house, people are often just impressed that the basement has been completed and is usable, giving them more space to use.