Plan On Downsizing Your Home? Consider Turning Part Of It Into A Rental Instead

Whether your kids have moved out or you simply don't need a home as large as your current one, it may be a good time to consider downsizing your home. Instead of simply selling your home and living in a smaller space, you can benefit greatly by partitioning your home and renting out a portion of it. For homes that have two or more bedrooms, this can help you earn a lot of additional income, while also giving you plenty of space to live comfortably.

Partition Off Your Home Where It Makes Sense

One of the best things you can do to partition your home is designate two separate living spaces where they make the most sense. It's likely that you will want a separate entrance from whoever you rent to, making it a good idea to choose a part of the home that has its own entrance or can easily have one installed. If you have a basement in your home, this can be a natural space to partition since it's easy to add plumbing, a kitchen, and its own separate entrance from the rest of the house without the construction of any new walls.

Add an Extra Bathroom if Necessary

An easy way to make the home feel like two separate living spaces is by adding an extra bathroom. Whether you or the people you rent to would like to have two bathrooms, it's a good way to add value to the home and can help you rent out the space for more money.

Get an Additional Kitchen Put In

Since your home likely has only one kitchen, you need to invest money into getting a separate kitchen put in into the area that doesn't have one already. If you decide to get a new kitchen in that area of the home that you'll be living in, this provides a great opportunity for creating your own dream kitchen that you'll be able to enjoy for the rest of your time at the house.

Consider Which Areas to Share

Along with making sure that each area has its own separate entrance end essential amenities such as a kitchen and bathroom, you need to consider which areas are suitable for sharing. For example, this can include the laundry room or even a shed for storage outside.

After determining which spaces you're comfortable sharing, you can begin to remodel your home so that the two areas are partitioned just the way you want.

Make Sure Your Rental Rates Are Competitive

After you finish the remodeling work, you can begin doing some interior design, such as painting, or even adding furniture if you intend on renting the space furnished. With most of the work done, you should also begin to research what kind of rates are common for shared living spaces in your neighborhood. This way, you can be competitive and get the income you want from renting out part of your home.

As you prepare for the project of getting your home remodeled into two separate living spaces, you need to keep in mind your plans for the future and what you'll be comfortable living in while renting. Contact a contractor, like Lehman Construction Services Inc, for more help.