Accessory Units Maximize The Return On Your Property: Investment Or Personal
When investing in real estate, the obvious answer to increased profitability is having a property with the most rentable “space” possible. As builders who frequently work with investors to add newly built units to savvy real estate portfolios, we encourage this group to maximize potential wherever possible. If you are building a new personal home, considering a second unit in your house can pay dividends!
Considerations When Building New
Either way, potential lies in additional units. An accessory unit is a self-contained dwelling with a private sleeping area, kitchen, and bathroom facilities. When you understand the municipal zoning requirements and required building permit needs, you will set yourself up for success. Working with a professional builder/developer will make sure you meet building code requirements and stay within the rules for parking, exits/entrances, minimum and maximum size and end up with a legal and safe place to offer to renters. At the planning stage, it is easy to keep in check, the economics of water supply, heating and cooling options, best use of space and get creative on the programming of the house to get the maximum rent collection possible. With some due diligence, you may choose to push for a minor variance and go through the processes required with the reward of more legal rental space.
Arguably, the most ideal and economical way to build your rental real estate portfolio is by building new or doing extensive renovations to give you full control on design and function. If rentals are a serious business for you, building new, well thought out homes, will become a sought-after brand. Items like; large windows, secure entrances, high efficiency HVAC and duct design make for a comfortable living arrangement. Higher rents can be charged when the unit promotes a light, airy, safe, and clean feeling.
Understanding the rental market, the objectives of the investor and the budget, allows us to collaborate with you and build what you need and expect. Give us a call today! We would be happy to help.