If you have been thinking of simplifying your life by downsizing your home, you may have noticed that it can be challenging to do. Not only do you need to find a buyer for your current home, but you also need to find a smaller version and divest of many of your belongings. What if there was a way you could downsize without moving? It is possible with the help of contractors who can think creatively.
The way to get started is to talk with contractors about how to change the layout of your home so that a portion can be separated into a separate living space. You essentially give up the space you don’t need and exchange it for an income-producing apartment. If you have extra furnishings, rather than selling them, you can put them in the apartment and lease it out furnished for extra rental income. This can put you in the position of doing vacation or seasonal rentals, which can be even more profitable.
If you have a couple of bedrooms and a bathroom you no longer need, contractors can devise a plan that uses those and then finds an area that will work for a kitchen and living room area. This may be able to be done with your existing unused space or may be accomplished with a minimal home addition.
Be sure to work with contractors who have knowledge of local building codes to ensure what you are planning is allowed and that permits can be obtained. They will also provide you with the costs up front, so you can determine your breakeven point where the rental income has covered the downsizing renovation. If you plan to be in your home longer than that, you will be ahead of the game financially, as well as have increased the value of the property because of the rental income.
Here at B&E Construction, we are proud that we have the vision to create unique solutions for our customers. We are confident we can take your downsizing desires and make them a reality. Whether you have a home you want to split to create income or want to renovate a garage or basement into rental space, call on us to get a quote so you can decide if it will make sense to proceed.