Turning Your Property into Multigenerational Housing or an Investment Property

At The Kay-Grant Group with My Home Group out of Arizona, we are hearing more and more from clients curious about seeing different properties with a casita or a guest house. 

There are two main reasons people are looking for generational housing. They want a place where their parents can live on property with them, where they still have their own space. The second reason is people are looking at how they can turn their primary residence into an investment property. We can thank HGTV for this one. 

Today, we are out at one of these properties in Scottsdale. It offers a casita that's just over 400 square feet. The owners are using this as an income property. 

When you enter this property, you will see that they have put in a Murphy bed that can either be put up or laid down to be an actual bed. In this room, in a genuine studio-type manner, they do have a couch area for lounging, as well as they have a complete kitchen with full-size appliances, as well as a full-size bedroom, a walk-in, shower, dual vanity, and a washer and dryer. 

This is just one way owners are turning their primary residence into an income opportunity to help offset the cost of their mortgage and general bills. 

Let us look at how a casita can serve as a next generation home. Let's see what can be done with as little as just 704 square feet.

You will see actual living room space when you walk into this property. With just 700 square feet, the owners could get two bedrooms, a full bathroom, a kitchen, and a private patio area. The bathroom and kitchen are both full-sized. This kitchen has full-size appliances and a cute little walkout where they can have their own space on the property. The bedrooms are large enough to fit a king-sized bed, leaving enough space for a nightstand, dresser, and room to walk around. 

Hopefully, this has given you a good idea of what you can do with your property, whether you want to turn it into an income-producing property or you're figuring out how you can have your parents or kids live on your property with you. 

If you have any questions about income properties, next-generation homes, or just Arizona real estate in general, don't hesitate to contact Andrea Lilienfeld at 480-387-3990 or email her at andrea@kay-grant.com.