Once you have a backyard cottage, you have income potential.  Whether you make money with it or save money with it, it’s profitable and it is definitely an opportunity to grow a nestegg in your own backyard.

Backyard cottages are flexible and their uses can morph according to your life cycle needs.  A backyard cottage could bring in rental income as an apartment, provide a place with privacy for aging parents,  or become low-overhead office space for your existing business or start-up.  Your backyard cottage can even be your gym.

Whether you have cash to invest or you borrow for construction, your backyard cottage could be generating a return quickly.  The sooner you occupy your garage and start growing your nestegg, the sooner it will start paying you back.

If you convert your existing garage or built it new, it can produce a steady return as long as you live on the site as well.    Imagine socking $10K or more away every year just putting that space where the garage sits to a higher use.  You don’t have to give up your garage either if that’s important to you because backyard cottages can be 2 stories.  In this way, can have your carriage house and your garage as well.

In addition to the revenue, you’ll realize increased value in your home and property which is good if you’re selling, but not so good when you’re staying.  But, still even with the property tax implications and income tax implications, that’s not enough to spoil the numbers.   Some nice depreciation deductions, help with that.      Talk to your tax accountant about this.

I’ve broken the Backyard Cottage planning process down into 3 fixed-fee feasibility studies: Quick Study, Expanded Study, and Complete Study.  You can jump into a Complete Study from the get-go or you can start with a Quick Study to feel things out.  Quick Study and Expanded Study fees can be credited to a Complete Study at any time in the future.  All 3 Backyard Cottage Feasibility Studies are on sale through February 15th.  Hourly consulting is also a possibility to get the gears moving.

Once you do the numbers, you’ll like them.    I can help you put it in motion.  Occupy your garage.  Let’s grow a nestegg in your backyard.