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More and more people are considering building an apartment in their basement as a way for multiple generations of a family to live together or as a way to generate extra income to help with their mortgage. If your home has a full height basement you might be considering doing the same thing. However, before you do anything be aware, building a new apartment in your basement is more demanding than creating a kid’s play area down there. Here’s some things you need to keep in mind if you’re thinking about building an apartment in your basement.
The size and shape of families living under one roof is changing – kids stay home longer after college graduation, adult children welcome their parents into their house to ensure their safety, or an adult struggling financially finds refugee in a relative’s home. Whatever the reason, many families are looking to increase their living space.
Most homeowners have two options: build an addition or expand unutilized space by renovating the basement.
When considering an addition, make sure you are aware of a number of things: architecture costs, neighboring markets home value, timetable for completion, how much of your time and money you are going to invest, and disruption of your personal life. Also remember that the bones of the job – foundation, framing, roofing, and siding – are just a portion of your cost. The finishing details will also add to your final bill. According to Money Magazine 2002, a home addition can cost anywhere from “$150 to $200 a square foot”.
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