How do you get from your first yes to your first rental check? You’ve done your homework. You know your city has an ADU ordinance, and you have a copy of it. Your zoned home and and lot meets the criteria to purchase your ADU. So what’s next? Let’s start right here.
Brooks Gibbs recently sat down with Devin Peterson on his Brighter Retirement Radio program to talk about how ADUs can supplement retirement income for seniors.
There are so many “solutions” floating around out there that make some pretty astounding claims when it comes to additional income. You have everything from makeup to essential oils to Ponzi schemes. Let’s go through what an ADU is- and isn’t.
Brooks Gibbs started I Live in a Bank as the result of his own personal journey. Learn more about how he turned his retirement savings into income!
ADUs are surging through the housing market as a great option for homeowners to not only have additional income from short or long term tenants, but, as millions of baby boomers move into retirement and age, ADUs present a unique way for homeowners to have additional housing for an elderly family member.
In West Coast cities like Seattle and Portland, those coming for the new jobs created by the tech industry are faced with sky-high rents and cutthroat competition for housing, driving prices ever higher. Consequently, Portland is also relaxing previously stiff ADU regulations, allowing more homeowners to place ADUs on their property than before.
Appraisals can be intimidating in and of themselves. However, when it’s for an Accessory Dwelling Unit, or ADU it’s a completely new learning curve. Because ADUs are still a relatively new trend, the regulatory bodies are still catching up and creating new market standards for this process. There are, however, some key points that most appraisers would agree upon, so we’ll go over those with you.
Think tiny house, but adapted to meet the unique needs of the elderly, including the necessary medical accessories, a video camera system that can be linked to their caretaker’s phone, and a virtual companion, which can help play reminders for medication, sugar checks, etc. MED Cottages have some very unique safety features as well, including floor cameras in the event of a fall, pill dispensers, and an intercom to allow the resident to call for help if needed without having to get to a phone.
House hacking is a phrase for the strategy of generating income from your residence capable of offsetting your monthly housing expenses. This is turning the creepy basement into an apartment and renting it. House hacking, done well, turns the nightmare of housing expenses into a vacation daydream- Taos, Puerto Rico, Disneyland?
ADU solutions deliver affordability, flexibility, sustainability, expanded economic opportunity and housing stability to households across the state. High rent and home prices make it difficult for many individuals and families. “Adding modest, affordable homes to existing neighborhoods is an important tool to protect communities where all kinds of families, of all incomes, can afford to live.” says the Siteline Institute