Benefits of Buying a Home With a Guest House

Every home buyer has a wish list of what they want in a new place to live. For some it's a big backyard or move-in ready finishes, and for others its all about the amount of square footage and living space a particular home offers. Inside some homes, a finished basement provides all the extra space and privacy you might need for guests, but what if a home doesn't have a basement, finished or otherwise? 

That's where having a separate guest house comes into play. Although you'll likely pay a premium for a home that has an entirely separate or detached guest house, the benefits are noteworthy, even for prospective buyers who don't host guests regularly. 

More Space For Guests

Simply put, house guests need their need their space, and you DEFINITELY need yours when these special visits come around! Whether friends or family, a guest house can be a great option for when your college kids come home for a visit, friends want to stay with you from out of town, or relatives need a space for the holidays. It allows them to be self-sufficient which can relieve some stress from your plate. This is especially helpful for those guests who are coming from another time zone. As they are adjusting to their new sleep schedule, they can make their own cup of coffee at 3am, while not disturbing you and your household. 

Homes with a guest house may also be a more permanent option for your older parents. This will allow them to still maintain their independence but are close enough where you can attend to them as needed. Walking in the back yard to your guest house to deliver a home cooked meal or drop off prescription medications or a few essential grocery items permits you to easily check in. It allows for you and your parents to have their privacy, while respecting each other’s space. 

If that is not a concern, it could become a home for your older college aged children. They could pull an all nighter studying for their exams without interfering with your precious sleep. It would be a great option for them to offer study group meetings or just hang out with their friends. You will also have peace of mind knowing they are a stone’s throw away and are safe and sound. 

A Place to Retreat from the World

Do you love to paint, write, meditate, create art, or wood pieces? How about just a place that is your own where you can jam out to your music or just have some peace and quiet? The sky is the limit with this little space you have carved out for yourself. As Virginia Woolf wrote in her book A Room of One's Own, “in order for a woman to write fiction she must have two things, certainly: a room of her own (with key and lock) and enough money to support herself.”  This rings true for anyone, male or female, who loves to write or needs a space of their own to create their dreams or work on their hobbies. 

Another option is to create your own personal workout studio or use this space for your side gig. If you love Pilates or Yoga, you could use this space to offer private lessons. Other options could include piano lessons, guitar lessons, tutoring, or designing those one-of-a-kind goodies for your Etsy or eBay store. Hold band practices here or install a big screen tv and use this for game nights. The space is only as limited as your imagination!

Additional Income Stream

If you have a goal to earn money while you sleep, then renting out the guest house would be a fantastic opportunity. Depending on your location, this could be a great spot for vacations or for a long-term renter. It’s relatively simple to list on VRBO, Airbnb, or booking.com. You could then use this passive income for your passions, savings accounts, investment opportunities, paying off debt, traveling, etc. 

Purchase Guest House for Existing Property

Lastly, another option would be to buy a guest house for your currently owned property. While this is a terrific idea, you might want to consider a few things before making the purchase.

• First, how much will you spend on the guest house?
• Second, where will you put the guest house?
• Third, will it fit into your existing design scheme?
• Fourth, what amenities will you offer?
• And finally, how will you market the guest house?

Overall, the benefits are exponential! If we had to choose between adding a guest room or a guest house, choosing the guest house is a bo-brainer every single time, as long as your budget allows for it.