Buying a home with an in-law suite comes with many benefits. There are several different ways for a homeowner to use this extra space, whether it's a place for an aging parent to call home, rented out for passive income, or used as additional space for you and your family.
If you’re searching for an in-law suite in Las Vegas, we can help you find the perfect spot!
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You Can Earn Passive Income
An in-law suite, also referred to as an accessory dwelling unit (ADU), is one of the simplest ways to boost your income and assets. Of course, just because it's called an in-law suite doesn't mean you have to have your relatives living there. You can also rent the suite for additional income to use for anything from paying off debt to saving for a vacation.
It Comes With Additional Costs
You'll need to consider the cost of purchasing and maintaining the actual space and what utilities and services you'll need to provide on your end. Typically, this will mean extra water usage, electricity costs, and internet service in most cases.
Know the Rental Laws
If you're planning on renting out your in-law unit, you'll need to abide by local laws and regulations. This might mean some extra work on your end before you get the unit occupied and start collecting rent from your tenant.
How Will It Be Used?
Before buying a home with an in-law suite, know how you'll use it. Will you have family moving in with you? Will you rent it out to a long-term tenant or use it as a short-term rental? Having a plan for the space ahead of time stops you from having to make hasty decisions later on.