• Many homeowners don't take full advantage of their basement space.roosevelts home image by Photoeyes from Fotolia.com
  
  Many basements become storage areas for junk or items you only need a few times a year. However, basements are often large and cozy spaces that can be valuable and useful areas of a home with a little creativity and some basic renovation. Not only can renovating your basement add valuable room to your home, but it can also increase your property value. There are numerous basement renovation ideas that could work in your home; it simply depends on what you're looking for.
  
  

Band Practice Space

• One of the easiest basement renovations to perform is to soundproof your basement. By soundproofing the walls and ceiling of your basement, you are in effect creating an entirely separate area of your home where you or your kids can retreat. This can be especially useful for noisy activities, such as drum, piano or band practice. Learning an instrument and playing in a band are great activities, however those nearby don't need to hear it every day. Perhaps your basement is suited for this use. With some good lighting for reading music, the basement could be an ideal music space.
  
  

Separate Apartment

• Most basements have their own entrance and exit doors. This makes them perfect to convert into subterranean apartments. Basements are often large enough that you can even build in a little kitchenette to accompany the bathroom, bedroom and living space. This apartment can be rented out for extra monthly income or it can be kept in the family and used for teenage children (or perhaps 20-somethings, as well). In some cases, in-laws may even move in for a while.
  
  A basement apartment can also make a great guest house, and once you've gone through the renovation you may find people are suddenly dying to come for a visit.
  
  

Basement Bar

• Most people have gone over to someone else's home only to leave envying their basement bar. By building a bar in your basement, you give yourself a great place to host get-togethers, watch sports or simply relax by yourself or with a few other friends. Once the bar is complete, complement it with accessories such as a pool or ping-pong table, a large couch and even a flat screen TV. Your bar doesn't have to serve alcohol; you can stock it with soda and other beverages that kids and parents can enjoy together. The basement bar could even become the preferred family-time area.
  
  

Basement Gym

• Tired of having to join a gym to stay in shape? By converting your basement into a workout space, you'll never have an excuse not to work out again. In a basement gym, you can set up the weights the way you want them, listen to the music you want and not worry about how you look doing your exercises. You can even allow others to use your basement gym and potentially host exercise or workout classes for the community. A mirrored wall and bright lighting will help make the basement gym a place in which you want to spend time.
  
  

Entertainment Area

• Like a basement bar without the bar, turning a basement into an entertainment area can be just what a home needs. One of the best ways to do this is to install a projector in the basement and set up a movie room, equipped with comfy seating and surround sound. On top of having a great place to watch movies, you can also set up a game area for board games and purchase a poker table and a pool table.