Who is Considering Adding a Granny Flat ?
by Press release
Leverage Granny Flats to create income for retirement, housing and real estate investing. Renovation Loans offers the best financing when you lack cash or equity.
Aug. 9, 2018 / PRZen / SAN DIEGO -- California enacted recent changes to Accessory Dwelling Units (Granny Flats) in response to the housing crisis experienced throughout California. Also known as granny flats, the statewide mandate changes removed barriers making ADUs viable and more affordable.
Let's examine who is considering an ADUs.
Baby Boomers - The extended lives is shadowed by whether they're sufficient funds. Healthcare and affordable long-term housing needs are paramount and of the highest concern.
For Baby Boomers, ADUs can present a couple of opportunities. A baby boomer can add an ADU to create rental income to supplement retirement. Rent out your current dwelling and maximize your rental income by downsizing moving into the new ADU. Alternatively, you can rent the new ADU to create attractive supplemental rental income. Income you need for your extended life.
Take Care of Family - Even homeowners worry when family members struggle for housing. Parents entering retirement may struggle financially. Siblings or returning adults may need temporary assistance. There may be family members with impairments that have special long-term needs that are safe, accessible and affordable.
ADUs can be an affordable solution and bring your family next door. Refinancing your home to add an ADU will create an affordable monthly cost for long-term housing for your family.
Create Income - Real Estate investing is a proven strategy to building wealth. The current marketplace has low build costs compared to current high property values. Adding square footage like an ADU, creates profit and income. Savvy real estate investors capitalize on this all day long.
ADUs can put any homeowner in the real estate investment game to create sustained rental income. This adds to your portfolio diversification.
Why ADUs Now? Never has been a better time. These ADU changes results in major cost reductions. Removal of off street parking, utilizing existing plumbing/gas/electrical services and major reduction in permit fees translates into saving of tens of thousands of dollars in construction costs.
FINANCING - Equity vs Renovation Loans
Let's explore ways to finance ADUs. If you don't available funds to cover construction costs, you can explore financing options leveraging your home equity.
EQUITY HOME LOAN - Homeowners can refinance their current home loan and utilize equity to cover the construction costs.
RENOVATION LOANS - If equity is insufficient, you can consider a Renovation loan. Renovation loans offer another financing option with the same low rates. The advantage renovations loans offers over an equity loan, is the renovation funds are based on the future improvements.
Ready to Explore More?
Visit our website to learn more. www.sd203k.com Download our Free ADU checklist.
Will Johnson, Renovation Loan Consultant
Source: Inspection Perfection
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