Adding a basement apartment in Smithfield

[Trevor Bingham]

I bought a house in October of 2020. My family and I still live there but rarely use the basement. I would like to convert it into a small apartment that could generate some cash flow. It has a bathroom, an office area, a large bedroom and a smaller room currently used for storage. I would need to add laundry, a kitchen and a separate entrance. I'm wondering if getting a HELOC is worth it? Would the rent cover the extra costs? Does it add value to the home overall?