There are all kinds of uses for converted basement space – from a home gym to a dedicated entertainment center.  There is also however a growing trend for homeowners to convert their unused basement space into a rentable property.  The market for such apartments is large, especially in urban areas where living space is at a premium.  A well converted basement can certainly provide a steady source of income, great for those who already feel that their monthly budget is stretched a little too far.

How much such a basement conversion will cost depends very much upon the condition that the basement is in at the beginning of the project.  There are additional considerations beyond the standard building codes to be taken into account if a basement is being converted for rental purposes.  According to most local building codes windows must be large enough for the tenant to escape through in the event of an emergency, and there must be adequate ventilation and heating, the standards for which may exceed those for a basement conversion that is being implemented to merely add living space for family use.

A good remodeling contractor will be able to tell you exactly what needs to be done to get your basement ready for rental and to provide you with a realistic estimate of exactly how much it is all going to cost you.  Although the initial outlay may be quite high, a home equity loan may be an answer to covering those costs and the extra rental income coming from the finished unit in many cases means that the homeowner still comes out ahead financially in the long term.