As a home owner, did it ever occur to you that you could make some extra money from your own home? You can actually make an extra income from the comfort of your home by building an extra room to earn rent. However, before doing this, it is important to find out various aspects of room addition that you could not be familiar with such as;
Legal requirements; Find out what legal requirements you need to fulfill before building an additional room to use commercially in a residential area. A general contractor such as us will offer you valuable insights.
Structural limitations; Not every house can take on the addition of a room without some alterations on the structure of the house. Ensure that you consult a general contractor who will guide you on how much you can do or not do.
Neighborhood limitations; Some neighborhoods do not allow building of commercial entities in their vicinity. Such limitations are usually captured in building regulations of the said neighborhood, information which your general contractor is better placed to obtain.
Here are some ways building an extra room in your home will earn you some extra income.
- Let it out to students
Students are always on the lookout for a living space that will be comfy and offer them the convenience that living at home would. Rent out your extra room and throw in a meal a day in order to make it more enticing. You may also choose to rent out the room 5 days a week though most students are looking for a 7-day-a-week accommodation.
- Start a bed and breakfast
B&B’s are still a popular option for most travelers to a new city due to the comfort of being in a home setting. Set up your extra room to be a B&B once you have it assessed for that kind of business. Furthermore, as you are building the extra room, talk to a general contractor like ourselves who will guide you on what facilities to include in the room to make it a perfect B&B.
- Sign up with Airbnb
Another more modern way of renting out your space as a B&B is by signing up your extra room on the Airbnb app. It is important that your extra room be as modern and comfortable as possible because of the competition out there. Before building this room, do your research and consult with your general contractor to ensure that you have a room that will not become redundant in a short time.
- Rent it out as an office space
Another fantastic way to get rent from your extra room is by renting out as an office space. Of course, the building of this room will differ slightly from one that will be used as a living space. Consult your general contractor who will give you valuable tips and insights on what to add to the structure of the room and what to leave out.
Talk to us today for a professional audit of your home before you put up a room addition. You can contact our general contractors using the contact information provided on this page.
