Unlock Your Home’s Earning Potential
Did you know that 44 percent of Americans currently have a side hustle to help strengthen their income? Of course, the best side hustles generate passive income and don’t require much labor or maintenance.
That’s why so many homeowners have turned to Florida ADU builders to add a dwelling unit to their property. Are you interested in having new home builders in St Petersburg FL help you earn income on your home?
The following guide will explain all the ways that accessory dwelling units help earn and save money.
Renting an ADU
ADUs are a great investment because over time they can pay for themselves and start earning you passive income. You can easily rent them out to strangers, friends, or family members on a full-term basis.
Generally, ADUs include their own entrance, bathroom, kitchen, and bedroom separate from your home. Many use ADUs as short-term rentals instead of having tenants sign long leases.
An Airbnb is a great example of how to use an accessory dwelling unit as a short-term rental. On average, Airbnb hosts make well over $13,000 each year from their rentals.
All you need to do is create an Airbnb account and start advertising your ADU to potential customers. Once someone makes a reservation at your property, they pay the fee for however many nights they plan to stay and it goes into your account.
Keep in mind that short-term rentals require a bit more upkeep than long-term rentals. So, pick whichever method fits your lifestyle but know that both options work great for adding income.
Adding Property Value
Adding an ADU to your property is a smart way to increase your home’s overall value. You might want to build a standalone unit, or even convert your garage into a living space to increase property value.
If you plan to sell your home soon, an ADU greatly appeals to buyers with adult children, elderly family members, or frequent guests. They offer excellent privacy and instantly set your home apart from others on the market.
Just make sure to hire a reliable new home builder St Pete located that builds quality ADUs. If the quality doesn’t match your current home and the layout doesn’t make sense, it might actually drive buyers away.
Senior Living Options
Moving a loved one to a senior living community can be a very difficult and expensive decision to make. ADUs can help keep senior family members close and cared for without breaking the bank.
It also lets senior family members maintain their independence while avoiding isolation. They’ll have the space all to themselves and they’ll still be able to cook meals and come and go as they please.
You can save a ton of money because senior living communities tend to cost between $4000 – $8,000 each month. If you already have a family member in senior care or know that the decision is coming up soon, consider an ADU instead.
Home Offices & Gyms
Renting office space can get very costly and some properties don’t have enough rooms for their owners to work at home. Adding an ADU creates a separate living space perfect for home offices.
Remote positions are much more common but many people struggle with efficiency when working from home. Because ADUs are separate from the main home, they eliminate distractions and let you focus on your work.
If you have an occupation such as a therapist or yoga instructor, ADUs work well for clients. Sessions in an ADU are private, tranquil, and much more professional than if they were occurring in the main living area.
You can also use ADUs to make the perfect home gym instead of paying for a membership each month. This is also a good way to make extra money at home if you’re a personal trainer.
Whether you’re using the ADU as a gym or office, both ideas save you the hassle of driving to a different location. Not to mention, you’ll save a lot of money on gas by not driving back and forth every day.
Different Types of ADUs
If you want the most value, go with a detached ADU that’s completely separate from your home. The best way to get a big return on your investment and the best option for rentals is detached because of the privacy benefits.
The attached ADUs are the second most valuable option but don’t allow the same amount of privacy. However, it’s a great way to seamlessly add square footage to your existing home and is perfect if you need to use the ADU for caretaking purposes.
Garage conversion ADUs still add value but the downside is that you lose your garage. The biggest benefit is that it’s the least expensive ADU type to build. Whether or not this ADU type makes sense largely depends on the size and location of your home.
For example, if you live in a city where people drive less and use public transportation more often, converting your garage is smart. However, if you live in an area with severe weather, buyers might value a garage over additional living space.
Find Florida ADU Builders
Now that you know several benefits and ways to make money, it’s time to find Florida ADU builders right for the job. Whether it’s for passive income, resale value, office space, or for a loved one, ADUs have many financial advantages.
You can contact us at Cask Construction and our team will explain how to make your ADU dreams a reality!