Have you ever wondered about adding a guest house to your property? A guest house serves that exact purpose and allows you to have guests stay. but what exactly are the benefits of building a guest house on your property?
There are many benefits to building a guest house. The biggest one is the increase in property value. Having a guest house increases the number of bedrooms on a lot and can double as a rented-out space. Another benefit to a guest house is that friends and family can stay without going to a hotel.
In this post, we will discuss how you can determine if building a guest house addition on your property is right for you. Keep reading to learn about all the benefits of building a guest house on your property.
Building a Guest House Leads to Increased Property Value
The most compelling argument for building a guest house on your property is the fact that it increases property value. Almost anywhere you decide to build a guest house, you will be increasing your home’s value.
If you ever plan to sell, you can bet that the guest house will help increase the price of your property. And along with increased property value, you can also experience increase income because the additional space can be used by renters.
If money is what you are searching for when building a guest house, you have decided on the right thing. Well, it does cost quite a lot to build a guest house your return on investment is very high.
How Much Does a Guest House Increase Property Value?
Having a guest house increases property values. No matter how big or how small, adding additional space to your property will increase its value. And the same is said of guest houses.
A guest house increases your property value by $10,000 to $30,000 on the asking price of the home. This is a considerable amount and depending on the market the property value can increase even more with built-in apartment space on the lot.
And you may even find that your property value increases, even more, depending on the size of the guest house and how many additional bedrooms it offers.
Is It Worth Building A Guest House on Your Property?
Building a guest house is worth it. Not only will you see your return on investment, but you will live happier with the additional space. The additional space can be used as a getaway by yourself, or other family members. Building a guest house provides many perks.
With the guest house you get all the following perks:
- A built-in in-law apartment
- Extra storage
- Guest living quarters apart from your home
- Increased income if you decide to rent
- Increased property value
- Room for hobbies
All these perks make building a guest house worth it. Even though building a guest house is not easy, in the long run, it is very much worth it.
A Built-In Space for Friends and Family to Stay
Another reason or benefit to having a guest house is that it can be a place for friends and family to stay. They get to bypass the costs of a hotel or Airbnb and can stay near you. This gives you the freedom to entertain as you see fit. And having a separate guest house gives your guests the privacy of having their own space.
One of the most convenient things when having guests over is having a guest house. A guest house allows all the following:
- A comfortable space that feels like a home and not a hotel
- A place for guests to stay at no charge
- Another chance to decorate or interior design as you see fit
- Increased privacy for guests, and yourself
- Increased independence for guests
- Sleeping quarters, but upgraded with a kitchen, living, and dining space, too
Having a space for friends and family to stay on your property, but not in your house, is a wonderful thing. You get all the fun of having guests over without having them in your home. And your friends and family get the comfort of having their own space, so they do not disturb you at any time of the day.
A Guest House Can Be Used as Extra Storage
Another great benefit to having a guest house is that it can be used as extra storage. This storage is great for all families. You can never go wrong with extra storage. Almost any home you find could use more storage than it is currently designed with.
Having a guest house with this extra storage will not only make it easier on you in terms of the amount of stuff you have, but it just allows for less clutter when there are more places to put things away.
The following are creative ways you can use your guest home for added storage:
- Converting a bedroom into storage or a crafting area
- Converting unused guest house space into a spa space for relaxing
- Designing the guest house to double as a home theater
- Stocking kitchen cabinets with linens
- Storing odds and ends in the bedroom closets
- Using the extra closet space for your summer or winter clothes
- Use the guest house as a home office, so you can get out of your house and have a designated workstation
- Using the kitchen space as an extension of your pantry
No matter how you decide to use your extra storage from building a guest house, it is extra storage and extra space. The best part is it can provide you with space you did not even know you needed.
Create A Space of Your Own in Your Guest House
Another great thing about the guest house addition is that it comes with an open invitation for you to create a space that is all your own. Having more space gives me more freedom to decorate in the way you want, and you think that you have not done before.
The following is a list of things you can do to make the space more your own in the guest house:
- Add family portraits on the walls
- Create a studio for yourself
- Decorate each room with a different theme
- Design the layout of the guest house yourself
- Design the space for relaxation in mind
- Turn one of the rooms into a hobby space
- Use the guest house for date nights
Having a guest house that you build from scratch is a great way to get the exact space that you want. It allows for complete creative freedom and artistic expression.
A guest house is a great way to my standard living space. And since you can customize your guest house to be whatever you want it to be, the possibilities are truly endless.
But while creating your own space is one of the many perks of building a guest house on your property, it is not the only one!
Increase Your Income by Renting Out the Guest House
Another great thing about having a guest house is that you can rent out the space. whether you decide to rent out the space via Airbnb or to a long-term tenant, you will be earning money and accruing a second income.
Be careful when designing a guest house specifically with renting in mind. You want to check the local zoning laws and permit requirements in your area to be sure you can rent legally.
Depending on the size of your guest house you could charge at least $1000 a month for rent. And your Airbnb depending on the area of town it is in could go for at least $100 a night if not more.
One thing you will want to be aware of when you are building a guest house is to be aware of the zoning laws within your neighborhood. Some neighborhoods and HOAs do not allow for there to be additional tenants on a property or to have Airbnb renters.
Building a Guest House Allows For Cozy Living with Relatives
A benefit to building a guest house on your property is the fact that you can have relatives living nearby without them living in your home. This gives you privacy and allows for easy care.
A guest house that is suited for in-laws or other relatives can be a great feature of a home. Nowadays many multi-generational families could use a guest house.
Multi-generational homes are wonderful. But a multi-generational property, with a guest house designed specifically for your relatives, is amazing.
Building a Guest House Is Not Without Its Challenges
Even though a guest house can have many benefits, there are a few challenges to be aware of as you plan out your next move. Having a guest house on your property is worthwhile, yet there are a few considerations to make.
The following is a list of considerations you should make before you decide to build a guest house:
- Can you afford to build a guest house and all the expenses that come along with it?
- Can you have renters?
- Does construction have to be finished in a certain amount of time?
- Does the city or state or county allow renters? And if yes what type of paperwork is there?
- How much space is available on your property?
- What kinds of permits do you need for building a guest house?
- What kinds of zoning laws are there in your area?
- Will the contractors be hired to take care of all the permits?
All the above are great questions to consider as you decide how you want to go about building a guest house on your property. You do want to make sure you have considered all of the challenges as well as the benefits of adding a guest house to your property.
The two biggest drawbacks to building a guest house on your property are the amount of time and money it takes to fulfill the project. these are your major challenges. But they can be overcome, especially if you take out loans and hire the right contractors.
If you fail to consider both sides, then you may end up in a situation where you are unhappy. To avoid this feeling, it is best to think through all of your options before you make a move.
In Summary: A Guest House Has Many Benefits
building a guest house on your property has many benefits. Your home’s property value will increase and you will see a return on investment almost immediately. Having a guest house offers you Peace of Mind and a place for your guests to stay without bothering you.
Spaces Home Remodeling is a San Mateo based home addition contractor specializing is beautiful yet practical home additions. Contact us to learn more and to schedule a consultation.