Will your neighbor’s garden suites bring your value down?
“My neighbors on either side of me are building garden suites. I really think this is going to bring my value down.”
It’s not ideal for you to have extra renters in the backyard over here and over there. But if you were to sell, other investors would say, ‘Hey I can rent the house, plus half the garden suites.’ Living there will bring your value down and your enjoyment, etc. But when you sell it, when they see the other ones, then they’ll be like, ‘Oh, wow, we could do this’. They’ll actually help your value.
Some people are renting them out, while some are using them for their own purpose. Maybe their kids are going to live in the back because they can’t afford to buy or maybe their parents are going to live there because they’re not ready to go to nursing homes yet or the main family is moving from the house to the garden suite. Those are kind of common things that are happening with the garden suites