ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Planning to Turn Your Shed Into a Tiny Home? Here are the Factors to Consider

With the rising housing costs, it's hardly a shocker that people are looking to buy these affordable sheds.
PUBLISHED APR 8, 2024
Cover Image Source: Real estate entrepreneur Precious Price | Instagram
Cover Image Source: Real estate entrepreneur Precious Price | Instagram

An accessory dwelling unit (ADU), is a second unit attached to a primary home that can be used for storage, workshops, or even a guest room. With people looking at ways to earn a bit more, to keep up with the soaring cost of living, many are turning their sheds into tiny homes. These sheds then can be used to create more space in an existing home or bring in extra income by acting as a rental space. This 28-year-old woman, who is a real estate entrepreneur is actively helping other homeowners create more housing in their existing properties through her business Gather ADU.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Precious Price (@preciouscprice)


 

Amazon, Home Depot, and Costco already sell DIY shed kits and backyard guest houses, which are in demand due to rising housing costs. While the sheds for sale at Costco for as low as $5,000 may look tempting, Precious Price urges everybody to analyze the situation and make a sound decision.

Consider having a word with the municipality as not all of them let you construct an additional dwelling on your property. It depends on the local zoning codes and classification which will determine whether you can put a structure like this in the backyard. To find more information, refer to the local zoning or permitting office. It's a good idea to familiarise yourself with this regulation to avoid any potential legal hurdles later. 


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Precious Price (@preciouscprice)


 

It's important to know for sure that the shed that you are planning to covert offers quality along with affordability. You see, not all of these sheds are designed for residential purposes but rather for storage only. This is why it's very important to look at the product specifications thoroughly before buying a shed and converting it into a residential.


 
 
 
 
 
View this post on Instagram
 
 
 
 
 
 
 
 
 
 
 

A post shared by Precious Price (@preciouscprice)


 

Sheds don't always have utilities like plumbing and electrical systems built in. Therefore, you may need to consider the extra costs of installing a toilet and shower as well as the cost of trenching and connecting the existing sewer or septic tanks. 

While the initial price tag may look like a steal, the reality is far from it and you will need to consider the additional expenses such as the foundational work, the professional fees, and of course, the costs for pumping, electrical wiring, and more. According to Price, a modest conversion will end up costing $50,000 to $75,000. She also sheds light on the fact that conversion is a lengthy process and the fact that many shed kit companies claim that they can be assembled in one day is downright false. Precious says that a typical tiny home can take somewhere between 3 months to 12 months to complete. Therefore, she urges people to plan correctly and consider all the possibilities to make a sound decision.

MORE ON MARKET REALIST
The companies that were linked to the recalled products were Food To Live and Africa Imports.
1 day ago
This is perhaps the biggest incentive shoppers have received this year to become a member.
1 day ago
The tariffs on beef-exporting countries and resources have put pressure on the U.S. supply chain
1 day ago
The deals were struck with four countries, which will exempt certain essential items from tariffs.
1 day ago
They blamed it on the Democrats because they were responsible for the shutdown.
2 days ago
In its analysis, Gartner, Inc found that 25% of IT jobs will be done by AI by 2030.
2 days ago
A recent analysis by UBS suggests the tariffs are holding inflation steady and troubling Americans.
2 days ago
Some fans only want the host to give the clues to the contestants instead of an outsider.
2 days ago
The current price of the item is $16.99, which is several times higher than the $9.99 it used to be.
3 days ago
Fans were clearly not happy after two straight losses in the Bonus Round.
3 days ago
Costco one is sold for a premium price, making it a lot less affordable than the Walmart one.
3 days ago
The retail giant would not want one of its best seasonal products to remain unsold.
3 days ago
This move would severely hurt businesses and consumers will have to pay a lot more.
3 days ago
The contestant was momentarily disappointed, but she was happy to have won more than $17,000.
4 days ago
Those interested can avail the Walmart Plus membership for $49 instead of the usual $98 for a year.
4 days ago
No one saw this coming, but it doesn't mean the product won't return to the shelves again.
4 days ago
Several businesses are offering free meals to current and former military personnel on November 11.
4 days ago
Emmer believed that the President had inherited a broken economy from the previous administration.
5 days ago