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To qualify as a guest house, a structure needs to meet your local building code requirements. In some locations, a guest house must be a separate residence from the primary home. In other locations, you may be able to connect the two buildings and still call the second building a guest house. However, a structure doesn’t often need a minimum size to qualify as a guest house.

In most cases, yes, an outdoor living space adds value to your home. The trick to your best return on investment is to choose high-quality building materials that will look nice and durable without crossing the line into total luxury that becomes cost-ineffective. For example, there’s no need to install marble tiles around your pool, but a durable and aesthetically pleasing deck will go a long way.

No, tiny houses don’t have to have wheels. However, if you plan on traveling with your tiny house and want to use it as a transportation method, it’s a good idea to buy a tiny house with wheels or put wheels on one. If you plan to stay put and live full-time in your tiny house, wheels aren’t necessary.

Yes, you can finance new construction, though the process often requires a different type of loan than one for an existing property. There are several financing options available:

• Construction-to-Permanent Loan: This is a common option where a single loan covers the building costs and then converts into a traditional mortgage once construction is complete and you move in.

• Construction Loan (Stand-Alone): This type of loan provides funding only for the duration of the construction project. Once the house is built, you will need to pay the loan in full, typically by securing a separate, standard mortgage.

• Builder Financing: Some custom homebuilders offer their own financing options, which may only require a down payment to begin the building process.

• Bridge Loan: This can be a useful short-term loan to fund your new construction while you are in the process of selling your old home.

• Home Equity Options: If you are building a second home, you might be able to use a home equity line of credit (HELOC) or a cash-out refinance on your current property.

It's also important to be aware that some lenders may have restrictions on financing for DIY house builds, so be sure to verify that you can secure financing before starting your project.