Turn One House Into Two Effortless Home Investments
Cost Considerations and Financial Implications
While the benefits are enticing, it's essential to consider the costs involved in property splitting. Renovation expenses can vary widely depending on the extent of the modifications required. For instance, converting a basement into a separate unit might cost between $50,000 and $75,0001. However, these costs can often be offset by the increased rental income and property value.
Financing options are available to support these renovations. Home equity loans or lines of credit are popular choices, allowing homeowners to leverage their property's existing value to fund the project. Additionally, some municipalities offer grants or incentives for creating additional housing units, so it's worth researching these opportunities in your area.