If you have a basement, you are quite lucky indeed. After all, basement spaces can be transformed into any number of things, from basement family rooms to wet bars to even extra living spaces. Even an unfinished basement can come in handy, giving a home the extra storage space that it needs. Of course, for those living in certain parts of the country (such as in the Midwest) the typical basement will sometimes serve as shelter as well, due to the fact that severe storms like tornadoes are known to rage through such areas during certain times of the year. The basement, at the end of the day, is a valuable thing to have.
What you do with your basement is up to you. For many people, turning the basement into an extra entertaining space is ideal. Wet bars are common in basement spaces, as wet bars are a fun implementation for any adult over the age of 21 to take advantage of. These wet bars can be strictly for personal use, but many a household will conduct a basement remodel and include a wet bar for the sake of entertaining. When you invest in wet bars for your basement, your home will be the place that people want to be. Wet bars are great for parties and larger scale events, but wet bars can also be great just for catching up with a friend or two from the comfort of your very own home.
Of course, transforming your basement into an alternate living space is something else that is commonplace. For one thing, the average home in the United States is now bigger than ever before. Back in the 1950s, homes were considerably smaller. Nowadays, however, the average home is nearly 2,500 square feet. This means that since that decade of the 1950s, the average size of the average American home has actually doubled. In the years that are to come, it would not be unexpected for this home size to continue to grow and grow.
Therefore, many people living in homes with basements don’t even really need this basement space. Instead of just letting it sit, going through a basement remodeling project and turning it into a separate apartment is something that is a great idea for many a home. Once the basement apartment has been completed, a tenant can be taken on and the basement rented out. Through renting out a basement, not only will the space get utilized and used, but a good deal of money can be brought in as well. As a matter of fact, renting out your basement can bring in enough money to pay for half of your monthly mortgage payment, if not even up to three quarters of it. You’ll have to get it zoned for multi tenant use, of course, but this process is certainly likely to be well worth it at the end of the day.
From wet bars to fireplaces to apartments and beyond, there are a great many things that can be done with the typical basement space in the typical home. Renovating your basement, no matter what you include in it, wet bars or no, can be a great way to increase the overall value of your home before you sell it as well. After all, the average return on investment for just about any basement remodeling project is a high one, sitting at over 77%. For a great many people and a great many homes, this means that a higher selling price will be able to be obtained when it comes time to sell the home. Of course, this is a very important thing for many people, as getting as high of a selling price for a home as is possible is critical for many reasons.
At the end of the day, renovating your basement is something that can be beneficial for just about every situation in just about every home. And you can do so much with just about any given basement space, including wet bars, making movie theaters (on a small scale, of course), or even creating a whole separate apartment from your main living space. Ultimately, the basement renovation is a great thing indeed.