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The Benefits of Adding a Basement Suite to Your Home

Home Renovation, Remodels | May 28, 2021

Does your home have a basement that is not currently being used? If you are looking to increase the value of your home and create more living space, consider adding a basement suite. These additions can be used as a rental space, housing for aging loved ones, and many other purposes. As leading providers of custom homes and comprehensive remodels, the team at Ridgepoint Homes knows the benefits of adding a basement suite to your home.

Learn about some other unique basement renovation ideas.

How Adding a Basement Suite is Beneficial for Your Home

If your basement can be converted into a suite, it is often well worth the time and effort. A basement suite can offer the following benefits for nearly any home:

Additional Income Through Renting

One of the primary benefits of a basement suite is the additional income generated through monthly rent payments. Many basements already have plumbing and sewage lines built in, allowing for easier installation of kitchenettes and bathrooms. The cost of a basement suite can be quickly offset by the consistent monthly income, making a basement suite a great investment. If you are looking to rent out your basement suite, it is a good idea to ensure that it has a separate entrance for your tenants.

More Living Space

If you do not wish to become a landlord, a basement suite can add some much-needed living space to your home. This makes it easy to create a multi-media room, family room, or home office without taking away from the existing space in your home.

A Home for Aging Parents

Trying to figure out living arrangements for aging parents can be stressful and difficult. With a basement suite, you can give your parents a safe place to live while keeping them close. A separate entrance can also ensure that they do not feel as though they are losing their independence. In addition to aging parents, a basement suite can be a great option for adult children that are currently in university or trying to buy a home of their own.

Increased Resale Value for Your Home

A basement suite is a feature that can make your home instantly more desirable for potential buyers. The prospect of rental income can lead to an increased number of quality offers when selling your home. In many situations, the profit gained when selling a home more than offsets the initial cost of building the basement suite.

To learn more about the benefits of basement suites and other major renovations, get in touch with Ridgepoint Homes. Our team can be reached through our online contact form and will be happy to answer any questions you may have.