69% of Homeowners Would Compromise on This for the Sake of Extra Income
A separate entrance can make all the difference.
Published Aug 23, 2022 4:23 PM
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Sharing isn’t just caring—it can also be profitable, at least if it involves your house. According to a recent survey from Realtor.com, 69 percent of home buyers would rent out part of their home if it had a separate entrance, kitchen, and bathroom in an effort to gain some extra income, and 32 percent have already done so.
The report also revealed that 85 percent of homeowners would even invest in creating a renter-specific space if their budget was big enough (that’s under $30,000 for about half the respondents). Whether you’re looking to offset your new mortgage, lighten the load of monthly expenses, or just want to save up for that bucket-list trip you’ve had bookmarked for too long, here are a few savvy design ideas to embrace the shareable-home movement.
Go Floor by Floor
Ben and Lauren Lindsey had already assumed they’d rent out the ground level of the brownstone they were renovating, but they didn’t anticipate renting the floor as a photography studio to brands and content creators. Even though the space is mostly used as a shoot location, the upgraded kitchen makes it feel like home during long production hours.
Convert an Underutilized Space
If you have no need to shelter your car, an empty garage opens the door for a new income stream. Take this 20-by-25-foot cement box in Joshua Tree that now looks more like a Mediterranean villa than a parking spot, thanks to a studio-like layout and smart use of tile.
Cut Your Home in Half
With the intention of making their summer home in Maine almost “invisible” in its surroundings, Brad Horn and Maria Berman created removable aluminum screening to cut the 1,500-square-foot house in two. The couple’s invention now separates the main residence from the guest quarters with a creative common ground.