A secondary living unit in your backyard sounds like an attractive proposition for any homeowner who wants extra space or rental income. The concept has gained popularity in Australia during the last decade, and homeowners with extra real estate are keen to embrace it. But you may be apprehensive about the cost and time needed for the construction. Building regulations and permissions may also have you thinking twice about the idea.
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But believe it or not, building a pod you can use as an additional dwelling unit is easy. It gives you all the extra space and privacy you need and adds value to your existing living space. However, the first step is often the toughest as you may not recognize the right time for making this smart investment for your living space. Although you may do it sooner rather than later, here are some signs that indicate it is the right time to build a pod in your backyard.
You have parents or in-laws visiting often
Having your parents or in-laws dropping in on every occasion gets you a family feel, but it may get a bit frustrating if they visit too often. The unexpected visits may take you by surprise if you have some other plans with your partner or friends. But you will still want them to be here and come back again. A pod in your backyard is an excellent idea for accommodating them without disrupting your routine.
They will stay on the same premises yet not invade your privacy. Additionally, they have access to a comfortable place where they have their own bedroom, kitchen, and living area. A pod makes a good option for extended visits around holidays, or you can use it as a permanent home for your parents who live with you. The entire family gets to live together without feeling cramped.
Your teen or adult children need personal space
If you share your home with a teen or adult child, a pod can make a great investment. Youngsters often look for personal space, and you will want to give it rather than having them move out to live independently. A pod in your backyard may just be the right place to provide the privacy they need to call over friends and chill in the evenings. They also have a dedicated place to study without distractions.
A separate living unit is ideal for your child as it gives them the taste of independent living even before they leave home and start on their own. They will learn responsibilities such as cooking and cleaning, while you can still keep an eye on them. It is a good experience for the children and parents because they can enjoy their personal space yet live close by.
You want to make extra bucks
Another sign that you should build a pod in the extra space in your backyard is when you want to make some extra bucks a month. It is a common practice for Australian homeowners to construct ancillary dwellings in their homes and use them as a source of passive income. You only have to save up a bit, and you can collaborate with a builder who specializes in the construction of Canberra pods to get started. They will have the right design ideas to match your expectations, space, and budget.
The one-time investment opens the opportunity of rental income for a lifetime. It is a great idea if you own a house in a good location or live in a city with booming tourism because your rental space will never be vacant. Such accommodations are appealing for renters looking for small, independent spaces without large price tags. Owners have the advantage of renting out a part of the home without compromising their privacy.
You are worried about home value
A pod in your living space is much more than the source of additional income every month. It also adds value to your property for the long haul. Once you make this smart investment, you need not worry about the hiking interest rates or a looming recession. It is like securing your financial position with an asset you will own for a lifetime. It will keep you afloat during the retirement years, and you will also have an extra asset to pass on to your children.
Further, an additional unit is like insurance against the future dents in the real estate prices. You can command a better resale value if you want to sell in the future. Smart homeowners can even use the rental income from a pod to pay back the mortgage on the main home. The best part is that you will never have to lose sleep on unexpected financial problems by making this wise investment.
Your area is witnessing major development
Far-sighted homeowners looking for winning financial strategies can invest in an additional unit in the vacant space in the backyard. It makes even more sense if you own a house in an area witnessing major development. You can ask experts and research facts on the real estate landscape at your location. If you see the good potential, now is the time to build a pod so that you can reap its benefits in the future.
Major infrastructural development like new roads, schools, hospitals, and commercial centers often coincide with population growth and real estate demand in an area. People will want to relocate here, which means that demand for accommodation will grow in the future. You can invest a reasonably small amount today and make big money by renting the pod or selling your place for a good value later.
You have a viable reason to build a pod as an additional dwelling in your home if you see one of these signs. Don’t wait for a better time because prices of construction will only increase in the future. Find a builder you can rely on and get started with the job right away. It is the smartest thing you can do for your home and wallet!