When it comes to large-scale home renovations, few can match the value and functionality provided by a new basement suite. From the prospect of additional income to increasing the resale value of your home, there are many reasons to add a basement suite to your home. That is why the team at Alderidge Construction has compiled a list of 4 benefits of basement suites to demonstrate why these projects are often worth the investment.
4 Benefits of Basement Suite Additions
A well-designed basement suite can offer the following benefits for nearly any home:
1. Additional Income Through Renting
Basement suites can help you generate additional income through monthly rent payments, helping you recover the cost of the renovation over time. Many basements already have plumbing and sewage lines built in, allowing for easier installation of kitchenettes and bathrooms while reducing the total cost of the renovation.
2. A Dedicated Space for Family Members
With a basement suite, you can give your aging 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, creating a solution where everyone is happy. In addition to aging parents, a basement suite can be a great option for adult children that are currently in university or are saving up to buy a home of their own.
3. Increased Resale Value
If you are looking to make your home more desirable for potential buyers, a basement suite is the perfect investment. 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 cost of building the basement suite, making it a project worth completing.
4. More Living Space
While basement suites are primarily built to rent them out to tenants, some homeowners may not wish to become a landlord. In situations like this, a basement suite can add some much-needed living space to your home by allowing you to create a multi-media room, family room, or home office without taking away from the existing space in your home. This can be especially beneficial for growing families or if you love your current home and do not wish to move.
To learn more about the benefits of basement suites or to inquire about our large-scale renovation solutions, get in touch with the team at Alderidge Construction. We can be reached through our online contact form and will be happy to answer any questions you may have regarding your project.