Are you looking for ways easy to generate extra income? Or do you wish you could provide a place to live for an aging family member who needs help, while still having their own living space?
Building an accessory dwelling unit is one of the most practical home improvements you can make. An accessory dwelling unit can be a separate structure on your home’s property, or it can be attached to the house itself.
But the most important factor is that it provides a completely separate living space from your main home. And building an ADU can provide tons of unique benefits.
Wondering why you should build an ADU on your property? Want to know what the best accessory dwelling unit is for your goals? Keep reading to find out now.
1. Accessory Dwelling Unit for Family Visits
One of the biggest ADU benefits is the ability to provide a free place to stay for family members. As more and more people move across the nation for work opportunities, families are often separated by thousands of miles.
And travel is often limited due to the fact that staying at hotels can get pricey. But if you had an accessory dwelling unit on your property, you could have family members stay with you all the time.
This can be especially attractive to those family members who are able to work remotely, or parents or grandparents who are retired and can stay for weeks at a time spend quality time with grandkids.
2. See Friends More Often
On top of families being separated by thousands of miles, friends are often located across the country as well. Whether your old high school buddies, college roommates, or friends from past employers, you can be the cool friend with a place for them to stay.
We all want more time with friends, but travel costs can limit those opportunities. Having an ADU gives them a reason to travel to you, instead of you having to visit them. Plus, your family doesn’t have to deal with the noise and shenanigans that might accompany them sleeping on the couch in the living room.
3. House a Relative That Needs Support
One of the most common reasons people invest in an ADU is to support an aging or needy family member, often their parents. It’s a special opportunity to be able to support and care for your parents as they age, given that they did the same for you for the first 20 years of your life.
However, you also want to have a normal family life, with enough separation and boundaries in place. An ADU gives you easy daily access to your relatives who need support while offering them privacy and providing a normal life for you.
The alternative is usually to have parents move into nursing homes, which can be even more expensive over time than building an ADU.
4. Long-Term Rental
Of course, an ADU also offers the opportunity to make passive income. You can either rent out the apartment or small home on a long-term or short-term basis.
Long-term rentals are much more passive but generate lower returns. But the benefit is that you only have one person or family living in the unit, instead of multiple people per week.
This adds a layer of security, as you’ll likely know the person who lives there full time. And depending on your neighborhood, short-term rentals might be illegal or discouraged by neighbors.
Plus, the time commitment is almost non-existent. Just ensure they pay rent each month and fix something when it’s broken. No dealing with rental listings and daily or weekly cleaning. This is the perfect opportunity for the busy family or couple just wanting to earn some extra money.
5. Short-Term Rental
On the flip side, your ADU can be a lucrative short-term rental as well. These are especially appealing if you live in an attractive area, such as a big city, or near natural attractions like the beach, national parks, ski areas, and so forth.
Demand for vacation rentals is only rising, so there’s no reason not to try your hand. Plus, if you find it doesn’t work out for you, you can always switch to a low-key long-term rental.
But given that you will have people paying nightly, you can earn a lot more money each month. Rather than passive income, this is an actual side business or even a full-time business.
You’ll need to manage the rental listing, communicate regularly with potential customers, and clean after every stay. But this strategy might be the method that allows you to afford to live somewhere you wouldn’t be able to normally, such as near the beach.
When considering an ADU for a rental, you want to ensure you have the most professional structure that’s up to code and is as beautiful as possible. Check out Actonadu.com to see how a professional ADU construction company can make your dreams a reality.
6. Offer to Travelers
If you don’t necessarily need to make money, you could offer your ADU to travelers for free or really cheap. On top of vacation rentals, couch surfing is another popular travel option that’s part of the sharing economy.
Generally long-term travelers, often those traveling full-time, look to stay on people’s couches or spare rooms for longer periods of time. If you like meeting new, interesting people, this could be a fun opportunity for you.
7. Use as a Studio or Office
Maybe you don’t want to use the ADU for other people, but for yourself.
Many people enjoy having these additional suites to use for a photography studio, either for themselves or to photograph clients. Some use ADUs as art studios, as their spouse would prefer art supplies not taking up their entire home.
And still, others, who work remotely or run their own business, can use an ADU as an office. These can be set up to your specifications in order to be the most enjoyable and functional workspaces. No more working in the dining room or closet.
Let an ADU Empower Your Dreams
There are so many reasons that building an accessory dwelling unit is a great idea. It can be a major blessing to family and friends. Or it can be a vital source of income, helping you move closer towards retirement, your dreams of travel, or paying for your kid’s college tuition.
And we didn’t even touch on the possible tax savings you can enjoy. In other words, building an ADU can help you achieve your dreams, whatever that may be.
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