Once upon a time, it was a luxury of sorts to have an extra bedroom in one’s home to serve as a simple guest room. But these days, many people have guest rooms. Some serve dual roles—like guest room and office, craft and sewing room, or workout area—though some are dedicated guest spaces. The newest version of this wish list item is the amenity of expanded guest accommodations. Guest spaces are often placed on homebuyers’ real estate wish lists. Having dedicated space for guests is a great way to welcome visitors, especially if they plan to stay for an extended period. But there are pros and cons to having separate lodging options for guests.
More Than Just a Room
Guest accommodations can be more than just a single room in your home. They are labeled depending on the style or type of lodging, as well as the geographical region where the accommodations are located. They sometimes are called guest apartments or in-law suites; and ohana dwellings are common in Hawaii (where ohana means “family”), while casitas are frequently found in Texas and other southwestern states (where casita refers in Spanish to a “little house”). These spaces exist in various forms: as finished basement apartments, converted garage spaces, or detached guest houses, for instance. These guest accommodations typically include at least one bedroom, a bathroom, a small kitchen or kitchenette, a living space, and a separate entrance from that of the primary residence. Some are attached to the main home, but others are completely separate; separate dwellings are located within the property boundaries of the main home.
Accommodations…and Then Some…
There are a lot of benefits to consider when it comes to adding guest space to your home or purchasing a home that comes with such accommodations. A private dwelling for friends and family who visit is always a plus. Having a separate space on your property is perfect for hosting visitors; it allows for complete privacy for both guests and residents while providing the comforts of home and a welcome sense of hospitality that one cannot get at a hotel. And the close proximity to the primary residence means greater ease of getting together with your guests when you desire to spend that quality time with them. But the extra space that guest accommodations provide can be useful in other ways as well.
Growing families and multi-generational families often benefit from additional guest spaces. Families might use these spaces for live-in caregivers, or for aging family members who move into the home late in life. Or they might choose to use the extra space as a residence for an adult child who has yet to establish enough financial stability to move into their own residence. Families see this as a choice that preserves a sense of independence and privacy for the occupant; and it is usually a lower-cost housing option than others.
Another consideration is having a space to utilize for business purposes. Because people are working from home more and more, they are starting to require home office space. A guest space can easily be used as a basic home office, a small business headquarters where you can have business meetings, or even a combination office/production space depending on your needs. (A plus to note is that this use could allow the space to be included as a business expense when filing taxes.)
Bonus: Possible Financial Gains
Another benefit of having a guest space is the potential for using it as an income property. Renting a space that is a stand-alone suite or apartment is great for long-term leasing to tenants such as single students or new professionals interested in a neighborhood lifestyle rather than an apartment complex style of living. Renting it in the short-term (such as via Airbnb) is easy as well, even if not fully-equipped with a full bath and kitchen[ette], because many people prefer these types of accommodations over traditional lodging options like hotels. Utilizing secondary dwellings as rental properties is a great way to subsidize your income.
Having extra guest space will likely boost the overall value of your home, too. The additional accommodations add value such that you will be able to ask for a higher price should you choose to sell the property. And just as the extra space is attractive to you, it will also be attractive to buyers—that means you will likely increase the competition and get more offers!
Guest accommodations are versatile and can add significant value to your home. The flexibility of having the extra space is a major plus because it can be tailored for use according to your needs. If you have questions about guest suites or casitas in Gulf Coast area homes, please reach out to a member of the expert team of realtors at WEICHERT, REALTORS® – The Place of Houses, located in Corpus Christi, Texas. Contact the experienced real estate professionals via their website or by phone at 361-882-5588.