Since the great recession of 2008, many people have coped with the fear of a financial crash coming back around. While we all endured the difficulties that followed, we also learned how to thrive in times of trial.
At the end of the day, there’s no telling when a recession will strike. While we can keep a keen eye on the markets, the best way to help your family prosper in times of hardship is by investing in your home. In this series, we’ll touch on some of the primary benefits of a basement remodel and how this transformation can protect your family — and your assets — from financial difficulties.
Part one: Protecting others
If you own a house, you’re already doing better than many other people in the housing market. In fact, more people rent than own nowadays, but it isn’t because the thought of a mortgage is scary; this trend is especially prominent in young people who are coping with the burden of student loans and debt. While many might be working to improve their credit, others simply don’t have the ability to get a sizable loan from the bank for a mortgage. When rent costs increase, it’s not uncommon for families to fall on hard times.
Here’s where your basement remodel can help. When a family begins to struggle, they often need to downsize their living space to survive. The thought of a basement apartment once struck fear or distaste in the hearts of renters, but this option has become an increasingly valued piece of real estate. Many basement remodels lean toward luxury and even feature fireplaces, wet bars, and full bathrooms.
Your basement remodeling project can give them that place to stay.
For families who need to get back on their feet during a recession, a basement in-law suite or remodeled family room can help them thrive. Better yet, it can ensure that your family has a steady source of income during an otherwise unprosperous time. This recession-proof idea is a great way to protect your family and the livelihood of your renters.
Renting out a remodeled basement typically costs less for the landlords and renters alike since these spaces are easy to heat and cool, especially if you choose to install a fireplace.
Additionally, many basements are easily equipped with a separate entrance to ensure the privacy of both parties involved. You can rent on a month-by-month basis to help encourage the family to get back on their feet — some renters who opt for a year-long lease or more might feel trapped by their landlord in times of financial struggle. By renting your space and accommodating their needs, you’re proving that you want to see the renting family’s situation improve. If you rent to a family you know, this also comes with a few added social benefits. Get ready for many warm days sitting by the fireplace with your friends and rest easy knowing that your remodel has helped them.
5Getting your basement ready right now is the best way to cover your assets before the next big recession hits. In fact, the current cost of a basement renovation only averages $55 per square foot. While we all hope that it’s many years away, a full basement remodel can give you the peace of mind you need. Whether you’re looking to spruce up a finished basement with a fireplace or you want to transform your entire basement, you can rely on Elkstone to help you and your renters.