Are you thinking about adding a guest house? Maybe you have some extra land that you can use, or maybe you are looking to make some additional money from a renter. There are many reasons why a homeowner would consider building a guest house. Whatever your reason is, there are various things that you can consider and tips to keep in mind.
Familiarize Yourself With Local Laws
Prior to beginning any research on guest houses, you need to do some research on the laws in your area to see if you are able to build one. Different locations have different zoning and property laws that may restrict the construction of a guest house altogether. Some laws limit the size and may even affect the distance at which a structure can be placed from a neighbor’s home. Additionally, you may need to seek approval from a local zoning board.
It will be extremely helpful to have all of this information so you know what kind of scope your building project can have. While zoning laws may seem frustrating, they can help narrow down your goals by learning about them.
Research the Costs
Once you have researched what your local laws will allow, it is beneficial for you to research the costs that are related to building a guest home. You should factor in all of the things that can affect the cost. Typically, you can count on the costs to be anywhere between $100 to $500 per square foot. Where your guest house falls depends on several things, including the materials that you will be using, in addition to finishing options. Are you considering a guest house with a deck or porch? This may cost you extra.
Determine If ROI Is Beneficial
You will need to know that guest houses don’t always result in a return on investment or ROI. ROI in higher-income neighborhoods is typically more common. However, nothing is ever guaranteed. Think carefully about the reasons you are building a guest house so you can plan accordingly. You will need to figure out if it is a place for a friend or relative to stay or just a project you are considering to help boost the value of your home. If you need a safe place for a relative to stay, such as your grandmother who is in her golden years, the ROI may not be your top priority.
If you believe that you will be renting your guest house out and remaining in your home for years to come, you may eventually end up profiting from the money you spent building your guest house.
Keep these tips in mind if you are considering building a guest home. Remember to conduct your research and familiarize yourself with the local laws in your location before you begin shopping for materials, etc. Additionally, you’ll want to factor in all costs associated with building your guest home.
Categorised in: Additions