Your motivations for altering your home are as variable as the weather in Colorado. Maybe you were busting at the seams when all your children lived at home but now you and your spouse are living in an empty nest. Perhaps you’re looking for supplemental income from renters or Airbnb guests to rapidly pay off your mortgage or earn some extra money. Or, a beloved family member has reached an age where they need assistance and will be living with you.
Whether you decide to utilize your existing space and make modifications, add on to your home, or convert a garage or basement to accommodate a mother-in-law apartment or rental space, here are a few things to consider:
You’re looking for rental income
- You will likely want the space to have its own bathroom and kitchenette and maybe even a separate entrance.
- You’re going to make room for a family member or mother in law unit – At a bare minimum, it should have its own bathroom.
- You are looking for renters via Airbnb and VRBO – Know that a kitchenette will help attract short term renters and an alternate entrance could increase desirability.
The Advantages of Each Option
Family member moving in
Remember, with a family member moving in, you can help them save on the exorbitant cost of senior care. Whether this is a good option for your family also depends on the family member’s level of independence and your relationship. You may not have to undertake drastic changes to provide living space, especially if you have space on the main floor that is seldom used like a formal living room and dining room.
If you want to supplement your income and get help with the mortgage, becoming a landlord and renting space in your home is a great option. After all, you can maintain your primary residence and increase value to your home through renovations.
Paying guests through Airbnb, VRBO
When you rent out a home that is also your primary residence and the home is rented less than 15 days during the year, you do not need to pay taxes in the rental income. As a result, you can rent out your home for a short period of time with no tax consequences.
Castle Builds can help you with any of these options
We’ll check the zoning laws and regulations and pull permits from your town or city for renovations. We’ll go over all the major considerations such as radon mitigation, structural integrity, value analysis, and more. Our design consultant will work directly with you to plan out your remodel or home addition to meet your needs and budget.
Castle Builds will help you convert your home for extra income, rental income or to accommodate a family member. In any case, we’ve worked with many homeowners in the Denver area who are now enjoying more from their homes. Call us today!