An in-law suite can also bring in rental income

If you’re worried about the cost of adding an in-law suite, you can always rent it out to help offset the costs and increase your property value. In-law suite renovations are commonly done as a garage conversion with a separate entrance or a basement conversion where the homeowners live on the first floor living spaces and above. Compared to the main home, your in-law suite may be a fairly small living space. If you’re considering using your in law suite addition for rental income, features like a dining room or walk out basement can be a big draw to prospective renters.

Renting an in-law suite addition cuts costs and adds property value

In-law suites are a popular rental option, and they can add a significant amount of value to your home. So not only will you be able to enjoy the extra space and privacy yourself, but you’ll also be increasing the value of your home should you ever decide to sell. Your in law suite will be a separate structure with a separate entrance, so you’ll have lots of security and privacy from your renters. Below are some ways that an in law suite can make a lot of financial sense.

If you find long term tenants to rent out the space, you can make them pay their own utilities to help offset your costs. You can have some electrical work done to install a separate electric meter, or install a second thermostat or separate HVAC for separate air conditioning. You can also do some plumbing work so that the in law apartment has separate water and sewer connections from the main house.

Can I build an in-law suite in my backyard?

Building an in-law suite in your backyard is a great way to add extra space and privacy to your home. But before you start construction, there are a few things you need to keep in mind.

First, you’ll need to make sure you have the proper permits for your in law suite addition. Depending on your municipality, you may need a zoning permit or a construction permit. You’ll also need to make sure your property meets all the zoning laws, local building codes, and requirements for an in-law suite. There are multiple municipal zoning ordinances that may affect your in law apartment if not considered.

Second, you’ll need to consider how you’re going to get utilities to the suite. If you’re adding a kitchen or full bathroom, you’ll need to run water and sewer lines to the property. You may also need to run electrical lines and install a septic tank. This will need to be done early in the building process.

Third, you’ll need to think about how you’re going to heat and cool the space. In-law suites are typically detached from the main house, so you’ll need to install a separate heating and cooling system. You may also want to add insulation to the walls and ceilings to help keep the space comfortable.

For jobs like this it is best to trust in a professional with experience. FERRUZZO General Contractors has the experience needed to help you plan, design, and build your in-law suite correctly. Contact us today for a free consultation!

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