Current Situation
Client: Woman about to retire
Need: Current and future income; future living space
Budget Level: Medium
The client is a single woman who is planning to retire in two to three years. She would like to realize a moderate increase in income during her remaining working years with the possibility of further increasing it during retirement to ensure her cash flow is adequate to supplement her retirement savings.
Her home is a three-bedroom, one-and-a half-bath cape-style home in a suburban neighborhood. The home is in good repair and sits on a large lot with space for an addition.
The home’s previous garage was converted into a family room to accommodate family needs, so there was currently no garage nor carport, and while there was space for a single car to park in the drive, any additional cars had to be parked on the street.
New Garage with Accessory Dwelling Unit Adds Flexibility, Increases Value
The client’s original idea was to add an accessory dwelling unit to the lot behind the home, which could be rented out for income. After reviewing local zoning regulations for lot offsets and for accessory dwelling units, I recommended that the client consider creating a new garage, attached to the main home, with an accessory dwelling unit above.
This would increase the resale value of the home by preserving the yard and existing landscaping behind the home for outdoor living and adding an additional (required) off-street, sheltered parking option. The additional living space over the new garage was designed as a one-bedroom apartment with a bathroom and kitchen area to accommodate the needs of a single renter or a couple.
The client can get directly from the new garage to the main house via a mudroom, and we’ve designed the new space with structure in place so that it will be simple to add an elevator if the client or renter needs a more accessible entry/exit to the apartment.
The client now has a home with a new garage for off-street parking and a rentable unit for current income. She also has the option to move into the accessory dwelling unit and rent the main home for more income if she needs it after retirement, or for the next generation to live with her.
Take-Home Points
- Renovate with an eye towards current and future needs
- Look for opportunities to maximize a home’s value
- An architect who knows your area’s building regulations can often suggest options you haven’t considered