Many people are interested in finding extra ways of making money these days. The fact that more and more people are facing some kind of economic turmoil means that the demand for this is on the rise. Fortunately, there are many ways of increasing your supplemental income, and all you have to do is look around you to get some ideas on how to do this. 

For instance, there are many people who need low cost housing. A good example of this is the graduates who have just left college, and who might be willing to live in very small apartments as they are putting their lives and careers in order. If you have some space in your basement, you could decide to rent it out to such individuals and then charge them rent for this. The fact that most people don’t use their basements means that this is an excellent way to put it to good use. However, there are a few things you need to keep in mind in order to make this work including: 

Making the environment healthier 

Most basements are unhealthy by virtue of their location. Most of them tend to contain a lot of mold and other agents that might turn out to be pathogenic, including rats and mice. For this reason, you might need to sort this out before you rent out the basement. Rather than doing it on your own, you could contact a basement contractor who offers holistic basement restoration services. 

Rather than just scrubbing the walls and the floor, they might also need to test for the presence of any mold, and get rid of this as well. This is important, since it determines how long your tenants stay. If they find that the living conditions are not very healthy, they are likely to only have very short stays, and not recommend the property to any other prospective tenants. This mean that most of the time, you are likely to have the basement vacant. 

Doing renovations 

You also need to spruce up the space, such as by investing in new furniture for it and making it look appealing to live in. This is a process that has to be done carefully in order for it to yield any results. The first thing you need to do is figure out the kinds of clients you are likely to be hosting. For instance, if you think that your basement will be mostly rented by people who have just cleared college, it might not be wise to charge them a lot for the accommodation. For this reason, it would be wise for you to ensure that any changes you make are of high quality but also cheap, so that you can recoup the cost of doing this in a shorter amount of time. 

As long as you think about the above critically, you are likely to end up with a basement that most people will find very appealing to live in. It will be easier to market, and your tenants are also likely to find it a better option compared to renting an apartment.