Create a great mortgage helper for yourself. Imagine having a steady stream of extra cash coming from the cellar. Maybe a student or a retired person renting the beautiful living space you will develop in the basement is the perfect way to go for a lot of people. You may have to install a basement bathroom and some windows but these also will increase the resale value of your home. It is necessary to get permits and do things right. This way you will not get a rude surprise later. Upgrading the basement with an suite is a great investment so you should not begrudge the cost of doing it right.
In-law apartment, in-law suite, nanny suite and basement apartment are all names that are used to describe a self-contained living unit in the basement. For this to be a comfortable situation for all parties there will need to be some attention paid to items like basement insulation, basement windows and a private entrance. Of course the basement bathroom will need to be made comfortable to use if you wish the future tenants to stay very long at all. A tiny little closet size bathroom may be fine if it is just an auxiliary restroom near your recreation room but not as a main bathroom for the occupant of a suite. How big of a kitchen will you put in the basement is one the questions you have to address.
Waterproofing of the basement before going forward with remodelling of any kind. Basement insulation that is aimed at soundproofing as well heat retention is a must. You do not want to have to tip toe around in your own home because you have a basement suite and the people living in the suite should be able to live normally too. Basement windows will take some planning but not too much. Egress windows in rooms that do not have an exit door to provide fire escapes. Lighting and cooking facilities may require you bringing in an electrician. Some homes will need an upgrade of the service panel to safely have enough power for the suite. You can look at the breaker panel yourself and if it says 60 amp you need to upgrade to 125 amp at least.