Accessory Dwelling Units: Housing and Rental Options
Most likely you have heard the terms “granny flat” and “in-law apartment”. These are examples of Accessory Dwelling Units (ADUs). These small units, either attached to your home or as a freestanding unit on your property, are great options for families who wish to have a member, such as an elderly parent, live close by. ADUs are also more affordable options for family members who are not yet in the position to own their own home.
ADUs have a kitchen, bedroom, bathroom and living area which makes them ideal as rentals. However, because they share utilities with the main home some simply use them as office space, a personal gym or a guest house. Although the cost of an ADU can range anywhere from a few thousand dollars to much more, they can add to your home’s overall value, sometimes as much as 35%.
Different municipalities have their own specific regulations regarding ADUs. If you are interested in learning more, please let me know and I will help you get started in that process. I am here to answer any other questions you may have about real estate and help you through every step of your transactions. Please feel free to reach out to me any time!