Secondary dwelling can maximize a property’s potential

Special to 318 Forum

With higher interest rates and ballooning costs for construction materials, it may be smarter to add on to a house rather than build or buy a new one.

Do you have a large yard? Consider building a new stand-alone apartment. This space can serve as an office or rec room, accommodate guests and older children, or even create a new income stream by welcoming renters. Here’s how to maximize the potential of your property:

Secondary Dwellings

Secondary dwellings or accessory apartments are also referred to colloquially as an in-law suite. They work as a self-sufficient living area within an existing single-family residence. These spaces have a separate entrance, and typically feature a living space, kitchenette, bedroom and bathroom. They may be stand-alone structures, converted space over a garage or built out within a basement.

Rental Income

Adding an accessory apartment can be a smart financial decision. By leasing the secondary dwelling, either for overnight stays or through longer-term leases, homeowners can generate extra income that may assist with mortgage payments. They can serve as a valuable financial resource for those who want to offset maintenance expenses or property taxes.

Using platforms like Airbnb and VRBO, it’s never been easier to rent out these spaces.

Home Offices

In the post-pandemic workplace, we’ve seen a marked increase in remote and flexible work schedules. But trying to get things done in a hectic home environment can be a challenge. Accessory apartments provide a dedicated area for a new home office or studio that’s both spacious and private. Having a separate workspace can boost productivity.

Multi-Generational Living Spaces

If you share a living space with aging parents, older children or other relatives, an accessory apartment can allow extended family members to enjoy their own independent living quarters while remaining connected to the primary household. You’ll be striking a balance between flexibility and privacy, and sharing a property will lower your overall living expenses.

Rules and Regulations

Don’t jump right into construction. Before you start, consult local zoning regulations and building codes. Cities, counties and some neighborhood associations have their own legal requirements, permitting processes and building guidelines for secondary dwellings. Make sure you’re in compliance with fire codes, safety standards and parking requirements, as well. The best way to make sure is to hire professional architects and contractors. Talk to officials at your local planning departments to find out more.