22. An Extra Apartment
Nowadays, it has become much more popular to rent out parts of your home on Airbnb. Some people have a separate entrance to their basement, allowing the space to convert into an additional bedroom. Be sure that you have the correct allows and that in your local area, you can legally build and rent a basement apartment. According to Budget Dumpster, the average cost of remodeling a basement is $19,000, but if you want to create an apartment with your electricity and heating system for your tenants, turning a basement into a separate dwelling would cost between $50,000 and $75,000.
If you ever plan to sell, creating a basement apartment would add value to your house. And the ability to rent space to travelers on Airbnb, or build a month-to-month lease with a long-term tenant, gives you a lot of short-term value. It would take a few years to make back the money from your initial investment to rebuild the basement. Yet you will turn a profit over your 30 years of homeownership.
