Granny Flats Make a Comeback
Families are going back to the good old days of multi-generational living situations, and they aren’t just putting granny (or junior) in the extra bedroom. They are building elegant super cool in-law units. Another name for these types of rental areas is an Accessory Dwelling Unit or ADU.
These ADUs can be over a garage, in a basement, or even in a totally separate building on a homeowner’s property. The ADU must be owned by the homeowner, but it can be rented out just like a rental.
Here are some scenarios of the trending ADU growth.
Single-Family Turned Two-Family Home
These legal rental units can turn a single-family home into a two-family home. This would allow an adult child and their family to move into the parent’s home while the parents move into the smaller ADU space.
The parents’ need for a large home is past since they don’t have children of their own living with them. However, their children are growing families in a difficult financial world. This is a win/win situation allowing the child to support the parent in paying the mortgage or enhancing their retirement funds.
In another situation, a daughter may find her father in need after the loss of her mother, his wife. The daughter could build an ADU over her garage and rent it out to her father. This gives the father the opportunity to be close to family, not feel so alone, and be available to help.
In California there was a woman and infant who moved into an ADU while her main home was being remodeled.
Alternative Living Option for Aging Parents
For many people, an ADU is a much better financial alternative than an assisted living center or a retirement community. With the right structure, an ADU can
- save the cost of a retirement facility
- give aging parents the opportunity to stay in their own property without the expense or maintenance of a large home
- allow parents to provide a place for their children who need help as they begin growing a family
- allow for faster mortgage payoff or debt payoff
- provide savings for the family
- build an additional steam of income
- and more
There are so many more reasons that an ADU can benefit homeowners. We would love to discuss your options with you. Contact us today for a free consultation.
Check out these 10 Chic Granny Flats.