When Sharee divorced, she ended up with the house and a $1,900 mortgage payment. There wasn’t a lot of equity, so selling was not an option, nor was letting the home go into foreclosure and ruining her credit.
The home had a finished basement with an outside entrance, two bedrooms, a family room, full bath, and a wet bar. Sharee figured she could easily covert the wet bar into a kitchenette and rent the basement for $800 a month.
The practice of renting extra space in the attic or basement has spread to more affluent urban areas as well as suburban neighborhoods. Empty nesters, one-income families, widows, and widowers are taking in tenants to help pay their mortgages. Others are adding basement or attic apartments when they build a new home. If you’re anticipating caring for parents or kids who may come home the second time around, consider adding a finished apartment. If that’s not feasible, at least add the electrical and plumbing rough-in. This is a lot cheaper than retrofitting later on.
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