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 tech giant was accused of collecting users' cellular data in an illegal and unethical manner.
5 hours ago
It turns out that if the packaging does not have a harvest date, the olive oil isn't real.
5 hours ago
The rapper said that the hate she received for supporting Trump has only made her support stronger.
5 hours ago
Trump even accused the California Governor of running a drug-money laundering scheme.
8 hours ago
The President has reportedly landed on a candidate who is close to his White House aide.
8 hours ago
"Not very helpful with only one letter on the board, and I can’t believe we have 3 car losses in one week," a fan reacted.
16 hours ago
The guest said that his great-great-grandmother documented everything that went on back then.
1 day ago
Fans of the show were happy with the win but not with how the game was played.
1 day ago
Customers have been urged to destroy the affected products and ask for a refund.
1 day ago
Powell claimed that wealthy Americans held most of the high value assets like real estate and stocks
1 day ago
The company said that affected employees will have 90 days to find a new role internally.
1 day ago
"We applaud that the federal government is providing innovative solutions for employees and families to plan for their future," BoAf stated.
1 day ago
"Twanda was caught up in the "Busy Highway" and missed out on the Mustang. She ended up with a disappointing under $15,000 in prize," a fan reacted.
1 day ago
At that point the "Abbott Elementary" star absolutely had to get the answer right.
2 days ago
It must have been a hard loss to take as he came mighty close to winning it all.
2 days ago
The affected products first went on sale in 2019, with some even sold overseas.
2 days ago
The FDA quickly took note of the matter and slapped a Class II warning on the affected products.
2 days ago
This could be good news for many who may be eligible for compensation.
2 days ago
"These actions are designed to reduce complexity, improve flexibility, and build a responsive and efficient operation," Nike stated.
2 days ago
"Amazing that she solved it before the clock even started!" a fan reacted.
2 days ago