First off. You might be asking yourself, what’s a boomerang kid? Well, the answer to that is simple. Boomerang kids are adult children that usually just finished college, are actively starting their careers, but move back home to recuperate from their debts or due to high costs of living in California.
With housing costs on the rise in Silicon Valley, Accessory Dwelling Units (ADUs), also known as granny flats, are becoming an increasingly popular boomerang kid housing option.
There are so many benefits to adding a granny flat to your property, like increasing property value, keeping the family together, and having a quality retirement. Plus, you can assure a private starter home for future generations.
But, just speaking to boomerang kids, here are five reasons why an ADU is perfect for them:
1. Increase Property Value
If you're looking to increase your property value in California, then ADU's are a great long-term investment for your family. Since more young adults are living at home than at any other time in the past 100 years, ADU's are an awesome flexible housing option for your boomerang kid.
How do accessory dwelling units increase property value?
According to the real estate company Zillow, over 20% of millennials in America are choosing to either stay at their parent's house or come back to their family home.
What does this actually mean?
It means that more people are looking for alternative living options for their family as a smart long-term investment.
Plus, granny flats help to increase the value of your house. This definitely comes in handy if you ever choose to:
- Put your home up for sale on the market.
- Pass your house down to your kids.
How do accessory dwelling units increase property value?
ADU's are a wise investment for families in Silicon Valley because they are built on existing property that was previously unused. By creating a secondary backyard home, you're adding to your home's versatility and (if the unit is of a decent quality) a potential revenue source that can impact the resale price.
Bottom line: ADU's add equity to your home. In fact, the Sydney Morning Herald reported that granny flats could inflate the value of your house by 20 to 30 percent. It's no wonder why more families in Palo Alto, Los Altos, and Los Altos Hills are choosing to add ADU's to their homes.
2. Keep Your Family Together
The point is: nowadays, it has become extremely difficult for boomerang kids to find their own apartments or houses due to the unaffordable housing market. While they are holding down jobs and starting careers, millennials are also struggling to pay back student loan debt.
Why does this matter?
Accessory dwelling keep the family together on one property. Instead of just texting and calling your boomerang kid, you can connect with them face-to-face in a multigenerational household.
With almost 22 percent of adults between 23 and 37 years old moving back in with their parents, ADU's are a fantastic alternative for families to spend time with their loved ones while supporting them the best way they can.
By letting your loved one live in your investment property, you are also supporting them to build a stronger financial foundation for their lives.
3. ADU Cost
Want to know the craziest part? The skyrocketing cost of housing might just result in a national housing crisis.
In fact, Harvard University conducted a study that found that the average cost of rent in America has risen by 20%.
It gets worse: the university's study found that the average cost of housing has increased by 41%.
With the price of rent soaring, families are seeking long-term housing for their family members. As a safe and private boomerang kid housing option, ADU's are a much more affordable investment for your home--and an investment that appreciates, not just in value, but in long-term utility. Not just sunk rents
When you add an ADU to your home, you'll also save a ton of money over time on the cost of a backyard home compared to other housing options in:
- Palo Alto
- San Jose
- Santa Clara
- Mountain View
With all of the amazing benefits that ADUs have to offer for your boomerang kid, there's no reason not to consider adding a backyard home to your property right away.
4. Privacy Matters
Here's the deal: privacy matters. That's why ADUs or granny flats are the best solution for your ADU boomerang kid. If you're a homeowner with family living on a lot between 5,000 and 10,000 square feet (or even less depending on you city), you should seriously consider adding an in-law suite to your property.
You might be wondering: how does a backyard home solve the privacy issue for my family?
As a private and independent house for your boomerang kid, ADUs give parents and their adult children the space that they need to grow as families and individuals. Plus, backyard cottages help to resolve common family issues like:
- Sharing the bathroom.
- Cramping the kitchen.
- Sleeping on the couch.
With the addition of a granny flat to your Silicon Valley home, you'll never have to worry about fumbling over each other or invading each other’s space again.
5. Starter Home
Raising a family in California is truly challenging, especially considering that the average price of a home in the Golden State is two-and-a-half times more expensive than the median national home price. That's why ADUs are excellent starter homes for young families.
Now: Accessory dwelling unit benefits include giving your boomerang kid the time that they need to save their money for a new home. Plus, you can enjoy a close relationship with your child while you help them to start a new life in their starter home.
Don't Take Our Word for It...
We can't emphasize this enough: ADU's are a fabulous way for families living with boomerang kids to increase their property value and keep their family together. Granny flats are also an exceptional way to save money, guarantee privacy, and provide starter homes for your boomerang kid in Silicon Valley.
What are you waiting for?
Contact Acton ADU for your accessory dwelling unit design, regulation, and building needs. Check out our services page for more information about your new backyard home.