The Lucrative Feature Every Home Needs, According To HGTV’s Good Bones – House Digest
People are always looking for ways to make their properties more profitable — but many look toward the home’s saleability. Savvy homeowners, however, will look for ways to make money from their home while they are still living in it, and when they sell it. That’s why Mina Starsiak Hawk of HGTV’s show “Good Bones” says that nowadays, many younger homeowners are looking to add an accessory rental unit to their home. “People are wanting income units,” Hawk said. “The younger crowd that lives downtown, they are really savvy buyers and want a home that’s going to not only increase in value but also one that they can have as an income property while they’re living in it,” (per Realtor)
According to Statista, the average rent for a two-bedroom apartment as of February 2023 is around $1,320. But, if you’ve rented recently or know someone who has, you know that cost can be a whole lot higher. With an average monthly mortgage payment of around $1,532, according to Quicken Loans, a homeowner can pay their entire mortgage by collecting rental fees from their tenant. Who wouldn’t want a free house?
How to create an accessory apartment in your home
umimarwa/Shutterstock
Mina Starsiak Hawk decided to transform the two one-bedroom units on the floor and make it into a three-bedroom home. This way, the owners can enjoy the space they need and have a full-sized home for themselves. Then she built out the second-floor attic and turned it into a two-bedroom apartment that could be rented. There are several different options for creating accessory apartments within your existing home.
First, you’ll have to determine what the zoning law allows and how this will affect your taxes. Options include building a detached unit on your property or constructing a unit attached to your home. Another alternative is to convert your garage, attic, basement, or the area above your garage into an apartment. Alternatively, you can turn the first floor or second floor of your home into a separate unit.
Before you decide to build an accessory apartment, you should consider whether or not being a landlord is right for you. There will be a level of privacy that is lost, and you will also have to consider whether or not you want to deal with a tenant if they turn out to be someone who is unsafe or doesn’t pay rent. But if you feel prepared to take the challenge on, the financial benefits could be very lucrative.
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