Maybe you’re in the market for a home and are having a hard time finding the right one that fits your budget. Or perhaps you’re already a homeowner in need of extra income or a place for loved ones. Whether as a potential homebuyer or a homeowner with changing needs, accessory dwelling units, or ADUs for short, may be able to help you reach your goals.
As AARP says:
“An ADU is a small residence that shares a single-family lot with a larger, primary dwelling.”
“An ADU is an independent, self-contained living space with a kitchen or kitchenette, bathroom and sleeping area.”
“An ADU can be located within, attached to, or detached from the main residence. It can be created out of an existing structure (such as a garage) or built anew.”
If you're thinking about whether an ADU makes sense for you as a buyer or a homeowner, here's some useful information and benefits that ADUs can provide. Keep in mind, that regulations for ADUs vary based on where you live, so lean on a local real estate professional for more information.
Freddie Mac and the AARP identify some of the best features of ADUs for both buyers and homeowners:
“Having an accessory dwelling unit on an existing property has become a popular way for homeowners to offer independent living space to family members.”
These are a few of the reasons why many people who benefit from ADUs think they’re a good idea. As Scott Wild, SVP of Consulting at John Burns Research, says:
“It’s gone from a small niche in the market to really a much more impactful part of new housing.”
ADUs have some great advantages for buyers and homeowners alike. If you're interested, reach out to a real estate professional who can help you understand local codes and regulations for this type of housing and what’s available in your market.
Stay up to date on the latest real estate trends.
Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it.
Nationally, the monthly cost of financing a median-priced home was 8.3% lower in August 2024 than in June because the median home price declined 2.1% over the past two… Read more
In August, the average 30-year mortgage rate declined for the third month to 6.35%, a 0.87% drop from the 2024 high reached in early May. The Fed is expected to cut ra… Read more
Nationally, home prices hit an all-time high in June 2024, and we estimate that prices may have bucked seasonal trends and climbed slightly higher in July.
In July, the average 30-year mortgage rate declined for the third month, falling to 6.78%, a 0.44% drop from the 2024 high reached in early May. The Fed is poised to s… Read more
Join Elevation Real Estate and JVM Lending as they make the case that now may be a good time to buy rather than continue renting. An event that promises to be a game-c… Read more
The most recent data from Case-Shiller shows that after being basically flat for a couple of months last year, prices are going up at a national level – just not as qu… Read more
One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve… Read more
The housing market is in a transition in the second half of 2024. Here are four reasons why this may be a buyers chance to jump back into the market.
You’ve got questions and we can’t wait to answer them.