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Guy Solomon: Hot to save money by renovating your basement

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Most millennials weren’t alive the last time inflation was this high, so it’s easy to see why everyone is so scared. Some people find it difficult to enjoy a comfortable life unless they work around the clock.

If you’re worried about how you’ll afford to live in the future, it’s worth looking for ways to save money. Even though it seems counterproductive, we’ll discuss why you should think about renovating your basement.

Purchase a smaller house

You should look into renovating your basement before buying a new home, according to Guy Solomon, CEO of Penguin Basements. I’m sure you have a rough idea how many rooms you want inside your new home.

If you’re willing to renovate your new basement before moving in, you’ll be able to purchase a smaller home, which will cost less money. If you renovate your current basement, you might not need to move.

renovating your basement

Increased home valuation

If you look on real estate websites, you’ll be able to research local house prices. A home with three bedrooms costs more than one with two bedrooms, so your home will be more attractive if it has an extra bedroom.

It’s a great way to increase the value of your home before selling it. If you don’t sell your home straight away, it’s still a good investment. Hardly anyone stays in their first home for the rest of their lives.

Renting out the basement

Once your basement is complete, you’ll be able to find a tenant. The amount you’ll be able to charge will depend on where you live. It’s worth the hassle if you struggle to put food on your table every month.

Are you worried about giving a stranger access to your home? You might be able to turn it into a studio apartment with a separate entrance. You’ll be able to save money without sharing your home with someone you don’t know.

Starting a home business

It’s easy to start a business inside your basement, which could turn into a million-dollar company. Many people who work from home sit at their dining room table, but it’s more productive working from a spacious office.

You don’t need to run an online business from your computer. Personal trainers can build a gym to train clients, and chefs can teach cooking classes downstairs. Anything is possible if you let your imagination run wild.

Looking after your parents

Your parents will find it hard living by themselves once they reach a certain age. Unfortunately, nursing homes are so expensive they swallow up pensions. Seniors usually need to sell their properties too.

Think about how much money your parents will save if they move into your basement. You’ll probably get their home once they pass, plus you’ll be able to use their pension to help pay for things like food and energy bills.

Don’t forget to hire a professional to carry out your renovation project. It’s not as easy as it seems, so it’s worth talking to a company with decades of experience before getting started.

Other articles from mtltimes.ca – totimes.ca – otttimes.ca

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