Many homeowners have considered the option of adding a basement apartment to their home, but they usually find a reason to hold them back. In this post, we’ll give you five reasons for why you should build a basement apartment, and then show you project pictures of a basement apartment Centurion Homes recently built. There are many benefits homeowners have found from basements apartments. Here are five of the best:
1. Income. Basement apartments are a great way to create extra monthly income. Depending on your mortgage and rental rates, you could cover up to 75% of your monthly mortgage with basement apartment rent. And while creating an apartment requires initial investment in beginning, very little effort is required to maintain an apartment month-to-month.
2. Add value to your home. Anytime you add more finished square feet to your home, you are increasing its value. Many real estate agents say that finishing a basement offers the best per square foot value of any remodeling project. Potential buyers will usually see the value of a basement apartment as much as you do, which sets your home above others while it’s on the real estate market.
3. Tax advantage. Many people don’t know this, but there are tax advantages available for having a basement apartment in your home. Essentially, you are able to depreciate a portion of your home on your taxes. For more information about this option, talk to your tax accountant.
4. Flexibility for family. Many homeowners find significant value in basement apartments because they allow flexibility for housing for family members and friends. Parents can rent the space to their single or married children. Children can rent the space to their parents or in-laws. Aside from that, having a basement apartment to fall back on when family or friends are in town is a major benefit.
5. Security. By having more people living in your home, you increase your home’s security level. There’s a higher chance of someone being home to deter burglaries. Additionally, when your family is out of town, your tenants can keep an eye on your house while you’re gone.
When one of our owners, Chris Jensen, was looking for a new home last summer, he looked for a home that he could create a basement apartment in. He knew that the above mentioned reasons would be major benefits for his family, so he selected this home. Shortly after he moved in, he set out to create a basement apartment.
It started out completely unfinished:
Soon, he added windows:
And here’s what it looks like now:
The Jensen family have found significant benefits from adding a basement apartment to their home. They’ve found a great way to both add value to their home and generate additional income. In addition to the monetary benefits, they have loved having their sister and brother-in-law live downstairs!
If you’re considering adding a basement apartment to your home, call Centurion Homes for a free bid at 801-805-0177!