Do you own and live in a large property and are considering downsizing? Do you love your property so much, though, that you are torn? Don’t sell that property yet. You may still be able to downsize, keep the property, and earn from it. You need not leave it at all.
There are many reasons for wanting to downsize. Some empty nesters feel that having so much space makes them miss their grown children even more. Others find it difficult to maintain such a large area, especially if they are getting older. Some may be attracted to living a more minimalist lifestyle.
The usual hindrance to this is an emotional attachment to the current home. It holds a lot of memories, and it is not that easy to let go.
Best of Both Worlds
The best solution is to be able to downsize and yet live within the same property. There has been a boom in constructing accessory dwelling units (ADU). These are smaller residences next to the existing home, attached to it, or even within it. Regulations covering ADUs have eased across many states.
It would be best to build an ADU that is adjacent and independent of the main house. If it must be attached due to space constraints, it should still have a separate entrance. Have a separate garage, too, if needed.
This separation is highlighted because you will live in the ADU while renting out the main house and its grounds. You will want to keep your privacy in this situation. It will also ensure social distancing with your tenants.
Building an ADU to live in is a chance for you to customize the design based on your current needs. This may be far different from your needs when you first chose the large property. You should also be forward-looking and include your possible needs as you age.
Building an ADU on your property increases its value. Even if you must take out a loan to build it, the rental from the main house can cover the mortgage.
If you or your heirs eventually decide to sell the property, after all, you would have gained a good return on your money. It is a sound investment.
The Main Attraction
The ideal property for renting out would be spacious grounds, a pool, and a backyard sports court. This presents a resort-like ambiance that could be your primary marketing angle. It would make the property extremely attractive to tenants.
With many travel restrictions and advice against going out among crowds, people are looking for home environments that compensate for staying in.
Wide grounds or a garden will give room to breathe fresh air. The pool or the court will provide opportunities for both leisure and exercise.
Data shows that there has always been a regular movement of people away from high rent cities to less expensive areas. This has already been the trend even before the pandemic. This means that you will always have a stream of possible tenants.
In the time of Covid-19, it would be prudent to ask for a clean bill of health from prospective tenants. You must also make sure that your interactions are done with the proper health and safety protocols.
Before you can rent out your main house, you need to declutter. Identify what you need to move into your ADU. These are the things you need and cannot live without day by day.
Some large furniture might not fit into the ADU. If these are still presentable, they can be retained in the main house. These would further add value to it as a rental.
Remove items that are no longer of use or are eyesores. If you do not wish to live with these in your ADU, neither would your tenants.
For items with sentimental value, either find room in your ADU or hand these over to your children and other loved ones. Make sure they want them, though.
There will be a lot of things that need to be disposed of. You can sell what can be sold or donate these to charity. You could have the rest picked up for recycling.
Your final step would be to hire a professional team to clean the house and its surroundings thoroughly. This is also something you should do after each tenant leaves in preparation for the next one.
Now that the property is at its best, you can showcase everything you have loved about it. You are ready to present it to possible tenants for resort-like living. In the meantime, enjoy your new and cozier home.