Have you considered the option to improve your monthly cash flow by tapping into options for passive income? This article will discuss adding a mother-in-law apartment to boost your monthly cash flow. Improving your financial situation is a great way to ensure that you have the budget available for family vacations, piano lessons, or any other activities that you want to share with your kids. One way that you can create cushion in your budget is by looking at rental options with a mother-in-law apartment in your home.
Your Mother-in-Law Doesn’t Need to Live in the Basement
Just because your extra living space is called a “mother-in-law” apartment, doesn’t mean that a family member needs to be living in your home. Instead, you can rent out this separate apartment to tenants. If you don’t need the space for your family, why not make money by offering the contract to someone who is looking for a place to live.
The monthly cashflow generated by an apartment rental makes it easier to manage your family finances. You can use this money to cover your monthly mortgage payments. Or, add the rental money on top of your regular monthly payments if you want to speed up the payment cycle on the mortgage to pay off the home in a shorter period of time.
These extra apartments don’t have to be located in the basement. Often, they are sheds, garages, or attics that are converted into standalone living quarters. The spaces are connected, but families can live in privacy because the layout is designed to be divided with a locked door and separate entrance. Mother-in-law apartments are sometimes called granny suites or in-law suites.
Should You Add an Apartment to Your Home To Boost Your Monthly Income?
If you are buying a home, then it might make sense to invest in a property that already has a built-in apartment. But, you also have the option to consider renovations that can be used to create the space that is needed.
Adding a mother-in-law apartment not only gives you the option to rent the apartment if you want to boost cash flow. At the same time, the investment will increase the overall value of your home. These property improvements help to maximize your equity so that you have more to roll into your next purchase when it is time to sell.
Also, consider the investment benefits that come from the higher equity. If you can pay down the mortgage quickly and maximize property value, then the extra equity can be used to invest in future rental properties if you want to boost your investment portfolio. These steps might seem small right now, but they can add up over time helping you prepare for retirement.
Whether you are searching for a home with an in-law apartment or you are considering the property value that comes from adding an apartment on your home, you need to talk to an experienced real estate professional to learn more. Talk to us at DUFFY Realty so that we can support your real estate goals: (678) 318-1700