Do you have family that you would like to keep close, but they live too far away? Or maybe your children are getting ready to leave the nest and you’re not quite ready for them to be gone. No matter the reason, an accessory dwelling unit (ADU) may be the perfect solution for you! ADUs can provide a way for your family members to live close by, without living in your home. In this blog post, we will discuss the benefits of having an ADU on your property, and some of the things you need to consider before building one.
When you add an ADU to your property, you’re not just increasing your home’s value—you’re also opening a world of potential rental income and possible tax savings. But what’s the best way to maximize that income? We’ve got the answer. Keep reading to learn our top moneymaking strategy for ADUs.
1.Screen Your Tenants Carefully
The first step to making money from your ADU is to screen your tenants carefully. This means conducting thorough background checks and reference checks. You want to make sure you’re renting to responsible, reliable tenants who will take good care of your property. The last thing you want is to end up with damage to your ADU or having to constantly chase down late rent payments.
- Charge the Right Rent
Once you’ve found the perfect tenant, it’s time to start thinking about how much rent you should charge. You don’t want to charge too little and leave money on the table, but you also don’t want to charge so much that no one can afford it. The best way to find the right rent price is to research comparable properties in your area and see what they’re going for. Once you have a good idea of the going rate, you can adjust accordingly based on the amenities and features of your ADU.
- Offer Flexible Lease Terms
Another great way to make money from your ADU is to offer flexible lease terms. This means giving tenants the option to sign a 6-month lease or a 1-year lease, for example. By giving tenants this flexibility, you can attract a wider range of potential renters—including those who might be looking for a short-term rental while they’re in between homes. And if you do have someone who wants to sign a long-term lease, you can always negotiate for a higher rent price.
Adding an ADU to your property is a great way to increase its value and can also be a source of rental income? By following our top tips, you can maximize your earnings and make sure your ADU is always bringing in money. What are you waiting for? Start Building today!
Have Questions, Reach out to me for more information.
Carl me at (858) 526-3037
Carl Spiteri Branch Manager – Mortgage Advisor
NMLS id 286890
(858) 526-3037
carl.spiteri@benchmark.us
Benchmark Mortgage
Ark-La-Tex Financial Services, LLC NMLS id 2143
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