3 Home Renovations That Can Make You Money
One of the best reasons to renovate your home is in order to make your home worth more or to make money with your home, mostly because a home is going to be one of your biggest assets and investments, so it only makes sense to make it work for you if at all possible. Listed below are three home renovations that can make you money.
Creating A Mother-In-Law Apartment
One option to consider when trying to make money by renovating your home is to create a mother-in-law apartment. A mother-in-law apartment, also known as an accessory apartment, is basically a self-contained apartment on your property. In most areas, in order to be a legal accessory apartment, it needs to have its own entrance, its own bathroom, and its own cooking facilities in addition to the standard bedroom and living area.
The primary reason that a mother-in-law apartment can help you make money is the fact that you are able to rent it out. Depending on the desirability of your home and neighborhood, you could potentially get a large influx of cash every single month that could help you pay off the renovation or ease the burden of paying your mortgage every month.
Building An Addition
Another home renovation that can make you money is building an addition to your home. It really doesn't matter too much what kind of addition you make to your home, as any type of increase in the square footage of the home will typically raise the value of the property. However, if you want to make the most of an addition you will want to consider building an extra bedroom or bathroom as those will typically have the biggest impact on the value of your home and how easy it will be to sell the home when that time comes.
Finishing Your Basement
Finally, consider finishing your basement if you want to perform a renovation that can increase the value of your home. As with building an addition to your home, increasing the finished square footage of your home by finishing the basement is a great way to increase the value of your property. You could potentially put in a few extra bedrooms and bathrooms in the basement in order to make the home ideal for a large or growing family or you could put in a home theater or some other type of entertainment space that will appeal to those individuals that like to have friends or family over on a regular basis.
Contact a contractor today in order to discuss what home renovations he or she would recommend that you consider when trying to make a bit of extra money with your home. Creating a mother-in-law apartment, building an addition, and finishing your basement are all great home renovation options to consider the can help make you money. You can also visit websites like 215build.com.