Recently I met with a father who was contemplating finishing the basement into a secondary suite for his daughter. I reviewed a concept with him based on matching the fixtures and finishes to the upstairs living space. Then, we reviewed my cost estimate of $85,000. His immediate response was, "Can you do it for $60,000?"
If you are considering a basement suite for a family member, there are several realities worth considering. If the basement suite is noticeably less inviting than upstairs, the family member will probably spend more time in your space than their's, potentially defeating its purpose. Secondly, when your family member moves out, you may want to rent out your suite. Research shows that tenants pick an area to live because they share the same values as the people who live there. This is doubly so for airbnb rentals. So it is probably wise that your suite fit with your neighbourhood and your home in terms of style and finish.