Did you know that home prices continue to rise by 4.1% month over month? If you’re looking for ways to boost your home’s property value, you may want to consider adding a guest house. Not only will you add living space, but you’ll also add value and potentially curb appeal to your property.
The benefits don’t end there. Read on to learn four reasons you should build a guest house on your property.
1. Gain Extra Living Space
Additional living space is never a bad thing as your family grows. That’s why it makes sense to add a guest house to your property. Use the extra space as a playroom for kids, private office space, or art studio.
You’ll love the flexibility of having a separate, enclosed space on your property. You also can use it as a fun retreat for date nights with your spouse or as a place to run your business remotely. Or turn it into an entertainment space for movie nights or parties.
2. Rent Out Your Space
Could you use some extra money in your budget? With additional living space, you create an opportunity to generate passive income. A nicely appointed separate guest house can become an appealing overnight accommodation for people visiting your area.
Consider listing your space on an online platform for homestays. Look at rates in the area to determine how much to charge, and take attractive photos of your guest house. For those looking for a cozier place to stay instead of a standard hotel, you’ll have the perfect place!
3. Accommodate Guests
When your family comes to visit, do they have a space to stay? If your main house is short on square footage, adding a custom guest house enables you to provide a comfortable place for them to stay.
Better yet, you’ll be providing a separate space where both you and your guests can have some privacy. Aging parents will love having the ability to stay in a single-level, detached space to visit their grandchildren. Or family friends visiting won’t have to worry about interrupting your schedule by staying in a guest house.
4. Increase Your Property Value
Finally, adding a guest house is a great project to increase your property’s value. You’ll add square footage as well as a flexible space that can serve a variety of purposes.
And if you are looking to sell your home, potential buyers will love the potential for supplementary income by renting out the space. If few other homes in your area have a custom guest house, your home can emerge from the pack in a competitive real estate market.
Consider Adding a Guest House Today
Building a guest house is one of the best decisions you can make as a homeowner. You can enhance your home’s value while providing additional living space for your family. You’ll also gain a convenient space for visitors or an opportunity to supplement your income through renting.
When you’re ready to pursue adding additional living space or making renovations, contact us for help!