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 expert revealed that the jewel was from the late-Victorian era with an exceedingly rare stone.
9 minutes ago
"I wouldn't have gotten this one at all. I only got "of the curve," but that was it," a fan said.
3 hours ago
All of the other sharks said no to the entrepreneurs, but Mr. Wonderful saw value in the product.
4 hours ago
The contestant might not have expected to even be on stage, let alone play such a great game.
6 hours ago
Everyone in the studio loved the four-legged superstar who stole the show for a few seconds.
1 day ago
The founder of "Eat Your Flowers"just couldn't refuse the offer despite having others on the table.
1 day ago
Rick Harrison had several doubts from the start, but they were all cleared later on by his friend.
1 day ago
A fan also commented that they almost fell off their chair after hearing Rosa's answer.
1 day ago
The guest had also brought a couple of personal telegrams sent by the Palace to the original owner.
1 day ago
"I don't understand how people are not paying attention to the last few plays," a fan said.
2 days ago
More than his product, it was his story and his sharpness that impressed every single shark.
2 days ago
The contestant was embarrassed, but his answer turned out to be on the board.
2 days ago
She was already emotional even before her husband even played the Bonus Round.
3 days ago
Fans on social media were livid and they did not shy away from expressing their disappointment.
3 days ago
Matt quoted $18,000 for 'Anne of Green Gables' but merely paid $25 while buying it.
3 days ago
Carl L. Shy, an Olympian and basketball player, later joined the LAPD and retired as a detective.
3 days ago
The young contestant was not given the win for a minor spelling error, which proved costly.
3 days ago
The guest said that she doesn't even let her children play with the toys to preserve them.
4 days ago
The item might have been worth more, but no one had any idea of how much it could sell for.
5 days ago
Mr. Wonderful did not hold anything back as he even called the entrepreneurs bad at marketing.
5 days ago