What is an ADU?
Before we get to the earning part, let’s understand what is actually an ADU is, commonly known as a Granny Flat, Modular Home, or Mother-in-Law Suite. An Accessory Dwelling Unit is an extra space you can get built at a vacant space in your property. These are advanced modular flats that you can use for multiple purposes.
ADUs are quite popular in Colorado because of housing shortages, and they also help increase your property’s value. There are two types of ADUs that are legal in Colorado. One is an attached ADU, and the other is known as a Detached ADU.
The attached ADU, as suggested by its name, is attached to the house. Which means, at least one wall of the flat is attached to the residential home. Whereas the detached flax flat is a completely different property in your backyard or any other vacant space around the plot.
The granny flat will help you create a space for your personal use as these properties usually come with their own kitchen, bathrooms, and entrance. Or you can utilize it to earn extra money.
Here are a few options that you can use to monetize your ADU;
Short-Term Rental ADU
You can turn your tiny home into a short-term rental property. In the months when your city has a good amount of tourists, use the modular home as a rental property and rent it out at premium rates.
Another benefit of doing this is that you can have the modular flat for personal use most of the time. Earning and having an extra space at the same time seems like a great deal. Just turn the property into a guest-friendly space and furnish it well to attract a good amount of customers.
Though keep in mind the laws and regulations surrounding local short-term rentals in your city. This will help you save yourself from violating any laws.
Long-Term Rental ADU
Unlike short-term rentals, you can’t use long-term rental ADUs for personal needs, but you can have a steady monthly income. A long-term rental backyard home will require less management as well.
You will not have to worry about finding new clients again and again if your renters are cooperative and keep the property maintained. You just need to ensure you rent out the accessory dwelling unit to reputable people.
But then again, ensure you keep in check the laws to make sure you are safe from overstepping legal boundaries.
Home Office
Turning the unit into an office and renting it out as a workspace is another great way to earn out of it. Many people, especially startups, look for small and peaceful spaces to work in. Your highly advanced and comfortable ADU will solve their problem, and you can get money out of it.
Use It For Extended Family
It is common for people to rent out properties for their extended families or their parent,s as, with time, families grow and it becomes hard to adjust in one home. You can save that money and keep your loved ones close to you.
Renting it out to other people who are looking for a modular flat for their extended family or parents is also a smart idea.
Why Choose Olerra?
Having an extra space to yourself seems great, but who can you trust to build this dream? This is where Olerra steps in. Olerra offers steel-framed construction so you don’t have to worry about the wood going bad in the future, and 90% factory-built units for consistent quality and faster delivery.
Olerra is the only company that has its own factory in Colorado, and its ADUs are hurricane-proof as well. You can go through our models for a more precise idea of our work.
Build Your Dream House
Having a personal space, be it for your child’s play area, your personal office, or a rental, sounds great! Let us be a part of your joy and help you build the space you love. The ADUs provided by Olerra are steel-frame, fire-rated, and guess what? We can install them in just under two hours! These ADUs are truly designed for durability and speed.
So, what are you waiting for? Building an ADU in Colorado will be a great move, and we guarantee that. We will help you build a space that will last for 250+ years. Book a consultation now and give us the opportunity to lead you towards smart living.