If you’re finding it increasingly more difficult to make your monthly mortgage payments, it might be high time to make a significant change to your situation. For some that might meaning moving, for others, taking on some additional hours at work, but sometimes the change doesn’t have to be as drastic as changing your home or work situation.
Sometimes all you need is a basement.
Though some have taken their basement and transformed it into a space which they use on a daily basis, as a recreational room or extra set of bedrooms, others just use this space as a place to store stuff. If that’s you, no need to feel ashamed, most of us have been there.
Now it’s a matter of taking this underutilized space and turning it into the solution to your financial problems.
- Check the Code
Many basements can be turned into legal rental apartments with very little effort. Depending on the municipality in which you live and the unique features of your basement, you may find that you have the potential to make several hundred dollars, or more, a month after transforming your basement. If it’s too large of an investment for you, consider other creative solutions, from storing large, seasonal items for other people who have less space, or starting a business that you could use this space for.
- Clear it out
Before you do anything, you need to figure out what to do with the existing stuff you have sitting around in the basement. While some can surely be donated or disposed of, find other places in your house to keep these items in, such as the attic or garage. If you have a yard, a custom shed will meet all your outdoor storage needs and give you the capacity you need to eliminate keeping items in the garage.
Depending on what you are legally allowed to do with your space, it’s time to roll up your sleeves and get to work. For some that will mean finishing the basement to apartment standards, while for others, organizing the space as storage lockers, or customizing it to your business’s needs. No doubt, this will mean a financial investment on your end, but before you say no, consider the rate of return and how long it will take for your efforts to start making a profit. In most cases, it’s more than worth it.
- Consider other Potential in Your Home
If your financial situation is as serious concern for you and some sort of change is mandatory, consider other ways your house could still serve you as a home but help pay for itself. Consider posting it on AirBnB when you are away on holidays, or renting that extra bedroom to a student from a nearby college. Some even rent their driveway space to those who don’t seem to have enough of their own! The possibilities are endless, and believe us when we say, when there’s a will, there’s a way.
Allow for your difficult financial situation to be a motivator for you to become creative in how you use your house. Just as you value the roof under which you live, others could also use your space for their needs, whether that be a temporary place to live or even a place an apartment dweller could keep his kayaks during the off-season. Any additional income is welcome when times get tough, and who knows, once you are over this “bump” you might be able to use these revenue streams as means of paying for extra expenses like your child’s college tuition or maybe that dreamy holiday you’ve never been able to afford.