Home Additions – Turn Your Home Improvement Into a Money Maker
Can you actually earn money from a home addition? Over the years of working with owner builders, I’ve often been asked about adding a rental unit. I get this question more often during economic downturns. I guess that is understandable.
Does this make sense? Is it doable? Let’s explore the idea here to see whether or not this is a good strategy for you.
What’s Your Real Goal?
Is it for a little temporary income? If so, is there a way you could rent out a room instead of building an addition? If it’s an ongoing need and a permanent solution, will you want separate entrances, separate kitchens and private parking areas? Will the addition have any access to the rest of the house?
Once you’ve answered a few preliminary questions like these, it’s time to get some facts about what is legal to do in your area. There will no doubt be some restrictions.
Why Restrictions are Imposed
Most every city, county, state/province, etc. has restrictions or limitations as to what you can do with your property. The reasons for this are varied but they center around safety and money.
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