February 25, 2022,
College students are always in need of housing.
Hopefully creative, safe, clean and above all cheap.
Landlords or the gentler term, property owners, appear to be listening.
Their motives for building one and adding it to their property can be numerous, and to match the variety, there are plenty of terms for building an additional smaller dwelling, adjacent to their home.
We look to the San Francisco Bay Area for inspiration.
Reasons for wanting to add a secondary suite to a property may be to receive additional income, provide social and personal support to a family member, or obtain greater security.
Some of the terms are pretty imaginative.
Mickey Mouse Apartment.
Bird Cage Cabin.
Small Residential Unit.
Self-Contained Rabbit Hutch.
Coco Nut Condo.
Concrete Tree House.
Just remember, if you are going to add on, the simplest way to express it is, “Honey we’re going to build a _____ _____ next to the house for some rental income.
Fill in the blanks with student housing.
We’re sure that you can think of a few more suitable dignified titles. San Francisco sure has. Don’t they always? What is their take?
Not ADA. Then a television series would follow where all of the criminals are not prosecuted and set free (we still love San Francisco).
No, ADU is sufficient.
Accessory Dwelling Unit.
It is becoming the rage in the City by the Bay.
As reported by sfgate.com, “Every real estate agent we spoke with agreed that 2022 is still likely to be a seller’s market in the Bay Area. Even as interest rates are projected to go up, the demand for homes will still be greater than the inventory, especially for single family homes, in the region.”
No surprise there. They aren’t making any more land. Surrounded by water, you have to make the best of what you have.
ADU’s are therefore becoming more popular.
Solving the affordable housing crisis speaks to good intentions. Trying to add an extra income by building an ADU as a rental property can speak to motives that range from financial survival to increased profits for a wonderful lifestyle.
Another honorable reason for adding an ADU is to take care of your elderly parents and keep them close to you.
Perhaps especially in England and Australia, that’s why they are often termed Granny Flats.
Possibly help out college students. Most property owners were once one themselves.
In our circle, many have attended to their elderly parents in Assisted Living Facilities and once their visit is over, for their remaining parent, it can be a very lonely place. Very sad. Even with others around, if they are deep in dementia, they still are all alone.
One associate remembers his parents having a robust full life, filled with beautiful homes packed with global treasures.
Their massive family reunions and gatherings he will always treasure, and yet in the end, all of his remaining parent’s material goods were gone and he lived in a small room furnished with a few of his clothes, a dresser and family pictures on the wall.
Thus, wonderful it is, if you are building an ADU to keep your family member close to you.
Having said that, the housing crisis in San Francisco is very real.
The team at multihousingnews.com mused, “San Francisco has been working to provide more cost-effective housing by making the planning, permitting and building processes for accessory dwelling units easier.”
From the outside looking in, that seems like a great idea.
They add that the unwavering affordable housing crisis across the country is pushing homeowners and local authorities to identify new strategies to provide more cost-effective housing to those in need.
The alternatives to not doing so are not very attractive.
According to the informative source poynter.org, “Nearly 1 in 500 Americans is homeless, mostly on the West Coast and in the Northeast, according to estimates. Homeless advocates say people without permanent housing are chronically undercounted. It’s even harder to track the tens of thousands of people living in their vehicles rather than on the streets or in shelters because they must move around so much.”
Whatever your motives may be for building an ADU on your property, we have a visiting female writer with some suggestions.
College students, listen up. There just might be a place for you too.
Adding Property Value With A Granny Flat
By Sara Berrada,
The real estate bubble in Australia has not burst yet the way that it has in the rest of the world. House prices are continuously increasing and property owners are looking for ways to maximize their income and their profits through investment properties. One way that Australian homeowners add property value to their homes is through the addition of a granny flat. Adding property value with a granny flat is an excellent investment option for investment portfolios.
What is a granny flat?
This is a residence that is either semi-attached or completely detached from a homeowner’s main residence. It is a secondary residence, complete with its own living space, kitchen and bathroom for renters. They are typically located over the garage or on a completely different location on your property.
How do they add value?
They add value to your property by providing the basis for dual-occupancy, which is when two separate families live on the same property in different dwellings. Property value is greatly increased with the addition of a second, albeit much smaller, residence on a property. This is because owners now have the option to rent the granny flat to a tenant and make a profit from the flat as a rental.
Use of a granny flat
Even if you opt to add a granny flat to your property, you are not required to rent it out to someone else. Many Australian residents choose to provide a home for their elderly family members, such as a parent or grandparent, in the granny flat. This gives you the option of caring for your elderly family member without the inconvenience of sharing your home with someone else. Your elderly family member lives on your property but everyone has their own personal home space.
Additionally, some families choose to provide shelter to their college age children by giving them the granny flat to live in while attending university. This option is one that many families prefer because it gives children a chance to live on their own without going too far from home or needing to pay rent. They can focus on their studies while still maintaining their freedom from their parents.
You also have the option of renting the flat to a tenant. This means that your home is now being occupied by someone else, perhaps a stranger or friend or family member that wants a place to rent. To ensure that the renter understands the stipulations, rules and regulations that come with renting your granny flat you need to provide the renter with a rental agreement that you both agree upon before signing. This guarantees you are legally due the amount of the rent stated in the agreement each month and can evict the tenant if the tenant cannot pay the fees associated with living in the granny flat. In addition, your rental agreement should state that the property cannot be damaged in any way.
It is important to ensure that before building, you comply with all regulations and stipulations regarding the size and décor of this property type. The only considerations you need to make are with building controls such as the ratio between the height and floor space. Before you begin construction you must do some research to find out what your entitlements are in relation to the cost of the construction. If you are building an extravagant flat with top of the line appliances and floors, your cost will very likely outweigh the money you will make from renting the flat out. Stick with nice, reliable appliances and accessories that look good and will hold their value without adding too much cost to the project. Once your granny flat meets all of the required laws you are free to begin construction!
Increase your income
These flat types provide a great source of rental income. If you choose to build a one bedroom duplex you won’t receive as much rent as you would with two or more bedrooms and enough size to rent to a family. The more you can rent your granny flat for, the more money you can add to your wallet!
Sara is an independent writer who works for the Home Loan Experts, mortgage brokers that specialise in finding loans for people in difficult situations. They also help people who want to build a granny flat or other a dual-occupancy dwelling, to get approval for finance.
Article Source: https://EzineArticles.com/expert/Sara_Berrada/626182
Article Source: http://EzineArticles.com/6742305
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