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Yes, it is possible to turn a regular basement into a walkout basement. Doing so involves excavating the land around at least one side of your basement foundation, installing retaining walls to create a permanent below-grade area outside your home, and then cutting into the foundation to install an exterior door that leads out to the new space. This is an expensive and time-consuming project, but it can add a lot of value and utility to your home.

Yes, you can install a summer kitchen or kitchenette in your basement. They serve similar purposes as outdoor kitchens, keeping the main floor of the house cool and providing another space to cook and congregate. Basement kitchens are also a worthwhile alternative for homeowners without much space in the backyard. They come with a few logistical questions to sort out, though, like ventilation and waterproofing.

It’s less expensive to finish your basement than it is to build an addition to your home. The average cost to refinish a basement is $32,000 (between $7 and $23 per square foot) while building an addition to your home costs $50,325 ($80 to $210 per square foot). Depending on the size of your basement and other factors, like moving plumbing and electrical, refinishing a basement is a more cost-effective option in most cases.

Lifting a house and adding a basement is one way to add usable square footage. Lifting or jacking a house is a complex process, and it can be expensive, not to mention that you won’t be able to live in your house while it’s lifted, due to safety concerns. Lifting a house should only be done by experienced professionals.