In today’s market, it has become more important than ever to find new, creative ways to make a bit of extra income. With side hustles, gig work, and passive income at your fingertips, you can focus on your passions without the fear of unexpected financial trouble.
One way that Denver residents are building extra income into their budgets is through accessory dwelling units (ADU). By transforming part of their property into a liveable dwelling unit, homeowners are creating new and exciting ways to build income. Read on to learn five ways you can boost that extra income with a Denver ADU.
5 Ways To Boost Your Income With A Denver ADU
Wondering how you can take advantage of the extra income that can come with an accessory dwelling unit? Check out these top five ways to build passive income with an ADU.
1.Get Strategic With Your ADU’s Purpose
Before you set out to build an ADU on your property, it’s important to develop goals for why you want to build one! There are tons of benefits to owning an ADU, from providing extra privacy and space to family and friends to bringing in extra income from paying guests.
The goal you want to achieve with your ADU will help you determine what type and style of ADU to build. Consider the region of Denver you live in, and let that help guide you in designing the style and amenities that you will provide with your ADU.
2. Design & Build Your ADU To Meet Your Goals
Once you know the kind of ADU you want to build and why, it’s time to find the right ADU contractor to help you bring your dwelling unit to life!
Here’s where it can get tricky. If your goal is to make extra income from your ADU, then you will want to work with a contractor who will help you build a durable and long-lasting ADU that will stand up against even the most unexpected visitors. The team at Ridge Construction has years of helping Denver residents take advantage of their space and bring in extra income with accessory dwelling units. From dream to design and beyond, Ridge Construction will help you create a strategy to take your ADU investment further.
3. Get Snazzy With Your Marketing
Denver ADU culture has become so popular due in part to the rise of social booking platforms such as VRBO and Airbnb. However, simply relying on these platforms to find paying guests for your ADU may leave money on the table (not to mention fees coming out of your pocket!)
Make sure you invest in creative marketing for your new ADU. Where in Denver is your ADU located? Could you reach even more paying guests by advertising your ADU as an office space, meeting location, or romantic day-date locale? Overnight stays aren’t the only way to make income with an ADU in Denver – so don’t be afraid to ask around to see what people want in an ADU in their area!
4. Keep Your ADU Updated
Building your ADU is one thing, keeping it updated and renovated is another. One reason that many ADU owners discover they aren’t making money is because they are constantly fixing issues.
Ensuring that you build your ADU with a trained, licensed, and experienced Denver ADU contractor will help you avoid cutting corners that will leave you up a creek after you open the doors to guests.
Keep up with other ADU owners and your contractor to discover ways that you can update and renovate your space. If you provide visitors with a way to leave reviews and comments, you are sure to receive a few ideas on how to make the ADU experience even better. The result? More positive reviews, more guests, and more income!
5. Become The Host With The Most
Once you start building a consistent client base for your Denver ADU, it’s time to take things to the next level by becoming a great host. With the lucrative money that can be made with ADUs in Denver, you will want to make sure that you are beating the competition with high-quality service.
Wow your guests with your ADU’s amenities and style, and make sure to add a touch of local flair with welcome gifts, fast Wi-Fi service, and your own availability. As your ADU visitors are having a great experience, they will be more likely to refer friends and family to use your space as well!
Build Your Denver ADU With The Experts At Ridge Construction
Designing and building an ADU in Denver can seem overwhelming, but with the right team at your side, your dream can become a reality faster than you could imagine. If you want to learn more about the benefits of an ADU, as well as how you can bring one to your property, contact the team at Ridge Construction.
Our team of experienced contractors have years of unique experience building ADUs for clients across Denver. No matter your goal, Ridge Construction can help you build your dream ADU and help you start bringing in extra income today. Contact our team by calling (303) 559-6081 or by clicking the button below.