Backyard home, granny flat, in-law suite: what’s the difference?
Even though you’re technically adding extra space, having a granny flat doesn’t mean you can’t downsize. A lot of homeowners are opting to live in their ADU and rent out their main home. It’s a great way to downsize while earning an income!
Speaking of income, homeowners are realizing the benefits of a granny flat besides having more space: more money. Whether you move into your granny flat and rent your home out to tenants, or vice versa, the monthly income is a great way to build wealth.
Hotels aren’t the only ones in the short-term rental business anymore. You can be, too! Airbnb (or other businesses like it) is a great way to rent out your place temporarily — even if for the weekend! You might also have the ability to charge more than average depending on the size, desirability of your area, and how well decorated and appointed your space is! Maintaining an Airbnb could involve a little extra work, but the returns could be worth it!
AGE IN PLACE
In what can be a challenging market to navigate, homeowners are opting to remodel their home so they can age in place instead of searching for something else. If you plan on remodeling your home now to anticipate your needs for the future, consider adding a granny flat instead.
IS IT LEGAL IN YOUR CITY?
Before you’ve broken ground, you should definitely check your local city laws to ensure that granny flats are even legal in your area! Los Angeles is the latest city to relax on their granny flat laws.