A basements suite, also called a rental suite or basement apartment, is a multipurpose space that can provide many benefits to you and your family. With home prices increasing and rental prices skyrocketing, it’s no wonder that more and more people are interested in adding a basement suite to their home.
This type of renovation instantly boosts your home’s value, while also providing rental income, or additional space to meet the needs of your growing family. And it doesn’t end there.
With the right layout, design, and craftsmanship, a basement suite can become the heart of a home. Imagine walking down a few steps and entering a newly renovated oasis where you can stretch out and enjoy more space. Whether you use it as a cozy getaway for movie nights, or a space for out-of-town guests, a basement suite is a valuable addition to your home.
Here are six benefits of adding a basement suite to your home.
Rental income to pay down your mortgage
Did we mention that home prices are increasing? If you’re a new home owner, you know that a big, beautiful home also comes with a hefty mortgage. Of course, a house is a worthwhile investment that will pay off over time. But why not get more out of your investment right now?
Adding a basement suite to your home provides potential rental income to pay down your mortgage faster. It also offers a source of passive income that keeps the money flowing in, while you get to the serious business of enjoying your life.
When it comes to attracting the best tenants who will pay top dollar, the aesthetics of your basement suite are essential. Focus on high-end finishes that will make potential renters “ooh” and “aah” their way into a two-year lease.
Keep family close, while maintaining privacy
A basement suite offers the perfect living space for aging parents and adult children. You won’t have to worry about mom spending her golden years in isolation, or in an expensive independent living apartment.
With a fully renovated basement suite, you’ll be able to keep your parents close—but not too close. Both you and your elderly parents will still be able to have your privacy, and enjoy it, too. By living downstairs, mom and dad can choose to cook simple meals in their own kitchenette, or come up for dinner and a visit.
Adult children who aren’t quite ready to leave the nest will also love the independence of a basement suite. Meanwhile, they can still pop upstairs to say hello and ask for money for the latest iPhone.
After all, no matter our age, we can always benefit from having people who care about us close-by.
Provide a charming space for out-of-town guests
If the phrase “company’s company” gives you mixed feelings, you’re not alone. While it’s always nice to see relatives and old friends, having house guests can be exhausting.
A basement suite allows you to give each other some space. This way, you won’t have to bug uncle Dan about putting the toilet seat down. You’ll have the luxury of focusing on quality over quantity when entertaining your out-of-town guests.
Of course, you still want your visitors to enjoy their stay. A nicely finished basement suite provides a cozy and charming getaway where your guests can relax. They’ll be able to come and go as they please, without disturbing the rest of the household. Best of all, you’ll sleep easy knowing that aunt Jean’s snoring is out of earshot.
Create a cozy retreat space in your own home
If you have a full house brimming with rambunctious children and pets, you understand the appeal of a quiet place to retreat to. A basement suite allows you to escape the chaos for a little while, without going too far. It may not be the trip to Bermuda that you’ve been dreaming of, but a basement retreat sure beats locking yourself in the bathroom for twenty minutes of peace.
A basement suite is also the perfect place to have weekly family nights. You and your kids can curl up on the sectional and watch your favourite movies—popcorn optional!
Make the space your own by adding custom design details that bring beauty to your basement. Who says that basements have to be dark and damp? With a quality basement renovation, your underground getaway can feel as bright, airy, and welcoming as the rest of your home.
Make an inviting home office
The pandemic has shown many of us that working from home has its downsides. Working in the same place that you eat, sleep, and play makes it hard to strike a work-life balance.
A basement suite helps provide some separation between your work space and home life. Don’t worry, you’ll still be able to wear your favourite sweatpants, as you work in the comfort and privacy of your basement. Plus, you can’t beat the commute. A short trip down a few stairs and you’ll arrive at your very own private office.
Instantly increase your home’s resale value
A basement suite is a smart investment that boosts the resale value of your home. When buyers see the extra square footage and potential rental income of your basement suite, they’ll be eager to place an offer.
You’ll get a competitive price for your home, so you can sail into retirement with money to spare. Hopefully, your grownup kids will have a nice basement suite set aside just for you.
We can help build your dream basement suite
At Amsted, we specialize in design-build services to create a unique living space that is unmistakably yours. Our professional design and construction experts will work together to create a basement suite you’ll love for years to come. Book an in-home consultation to find out how we can help build your dream basement suite.