Are you interested in earning some extra income? Do you have extra land that could fit a home, the size of a garage? If you answered yes to these questions, it may be worthwhile for you to look into building an ADU on your property. While not all cities welcome the idea of an ADU, the growing trend is worth following and taking advantage of, if possible. If you are interested in having an ADU on your property, here are a few steps to take before taking the plunge!
Know Your City’s Policy
Although many communities support the concept of ADU’s, there are some whose regulations disallow the structures. There are various resources online that can help you determine if your property qualifies. Getting in contact with your local zoning and planning department is another way of determining your limitation. In areas such as Portland, most of the legislation that hindered the development of ADU’s has been lifted. Since ADUs can take shape in the form of an existing part of the house, a new structure, or converting a garage or shed, it is crucial to know exactly where your city stands in regards to regulations of each style.
Seek Help From the Pros
Many people planning on utilizing their property as an ADU like to take the project full-on by themselves. However, it is highly advised to involve professionals during every aspect of the building process. Architects and engineers are not required in many cities that allow ADUs but by hiring one you are making sure that all bases are covered. Safety is one of the main concerns of areas that restrict ADUs and by having experts to consult, you eliminate a lot of hazards. Hiring a contractor who is insured and licensed is also a best practice when it comes to the constructing of the ADU.
The financial aspect of an ADU is where some people hit a speed bump. For those who are financing their ADU through the bank, it is often challenging for the bank to determine how to best support your project. If you are considering an ADU on your property, check first to see if you have the ability to finance it on your own. Many people experience road blocks caused through third party financing. The long-term financial benefit of an ADU is worthwhile. But making sure that a profit will inevitably be made is important to determine before breaking ground.
As the rest of the country plays catch-up with the ADU world that exists on the west coast, we can learn valuable lessons from their achieved success. When considering an ADU for your property, making sure you are fully educated, supported, and financially able is key to a positive experience.