The Benefits of Adding an Accessory Apartment to Your Property
So, you’re interested in investing in your property, but you aren’t sure where or how to do it. There are so many options to choose from! You could build an addition, finish your basement, or upgrade your kitchen – and those are only a few items on a mile-long list of home improvements and investments.
Though every home upgrade comes with benefits, there’s one that stands out among the rest, and that’s adding an accessory apartment on your property. Not convinced? Unsure what an accessory apartment even is? Don’t worry, we’ve got you covered.
In this article, we’ll tell you everything you need to know about building such a structure, as well as the benefits of an accessory apartment. Keep reading to learn more.
What is an Accessory Apartment
Before we get into the benefits and logistics of adding an accessory apartment to your property, let’s go over what it actually is. An accessory apartment goes by many names: accessory dwelling unit, guest house, mother-in-law suite, and backyard cottage, just to name a few.
It’s not as confusing as it sounds, because all of these terms mean the same thing. An accessory apartment is a unit that contains everything necessary for day-to-day living (bedroom, bathroom, kitchen, and living area). But instead of being built on its own piece of property or within a complex, an ADU is built on the same property as your home.
How to Build an Accessory Apartment
Unless you have a vast amount of experience in construction, the best way to approach building an accessory dwelling unit is to hire a professional. Yes, it’s an investment, but you’ll end up spending far less in the long run by avoiding all of the mistakes you’re bound to make attempting to build an entire house on your own.
An architect, builder, or company that specializes in ADUs will be able to outline the entire process for you and help you bring your dreams to life. They’ll also have a knowledge of the permits you need to build such a structure, so you’ll be able to steer clear of even more expensive mistakes along the way.
The Benefits of an Accessory Apartment
If you have the space on your property and the funds to do it, building an accessory apartment is a great idea for many homeowners. It comes with many unique advantages that will benefit not only you but your loved ones as well.
Some of the top benefits of an accessory apartment are as follows:
- Increase Your Property Value
Who wouldn’t like their property to be worth more? Even if you have no plans of selling in the near future, it’s always a good idea to increase property value where you can. You never know what life is going to throw your way, after all.
Building an accessory apartment on your property will almost always increase its resale value. Now, if you’re unsure, you can always check with a local real estate agent or appraiser before making your decision.
- Create a Passive Income Opportunity
With the cost of living growing higher by the year, it’s never a bad idea to add some additional revenue streams to your family income. And an accessory dwelling unit can help you do just that!
If you have a high-quality apartment space on your property, you can market it as temporary housing through sites like Airbnb, or rent it out to more permanent tenants, depending on your specific situation and needs.
Either way, you’ll be creating passive income for your household. The only thing you have to do is maintain the structure, which you would have to do anyway.
- Give Your Guests a Place to Stay
If you’re not a fan of the idea of having renters on your property or simply have a passion for entertaining, why not build an ADU to serve as a small guest house for your friends?
That way, the next time you have a few friends over for movie night and you have a few too many drinks, they can spend the night in their own space and leave the next day safely. An accessory apartment is also ideal for families with nannies or live-in caretakers.
- Care for Elderly Family Members
It’s an unavoidable fact of life that our loved ones age. And with advanced age sometimes comes an inability to live a totally independent lifestyle. Instead of placing elderly parents, in-laws, and other family members in a nursing facility or fearing for their safety on their own, you can move them into an ADU on your property.
In doing so, you’ll have peace of mind knowing that you’re close by, should they ever need you, and they’ll be able to maintain a level of independence they might not have had otherwise.
Still need convincing? Check out https://actonadu.com/blog/why-build-a-mother-in-law-suite-for-your-in-laws for more details on building an accessory apartment for your elderly in-laws.
Add an Accessory Dwelling Unit to Your Property Today
An accessory apartment is a fantastic addition to any property, as long as you do it correctly. Take your time, rushing the process will make mistakes more likely and the last thing you want to do is lose money on your investment.
That said, done the right way, an accessory dwelling unit can add value to your home while giving you an excellent space for guests and family members. It can even create an additional stream of revenue for you and your family.
Interested in learning more about increasing the value of your home and property? Take a look at our blog!