Homeowners Are Investing In Their Own Property

Stan Acton provides commentary on a November 2018 Mortgage Reports article.

Across the country, a tight, expensive housing market has more homeowners staying put—upgrading and enlarging their current homes, rather than struggling with the uncertainty, if they can afford a new one. Nowhere is this more felt than California, notably Northern California with a fast-growing population.

The costs to remodel homes are also increasing as a result of a shortage in construction labor and rising material prices. But, homeowners are willing to spend, especially on projects that they believe will increase their home’s value. And not just resale. Families are thinking about long-term solutions for themselves, their parents, and their kids.

Accessory Dwelling Units (ADUs) are obviously growing in popularity, but not just because people are turning them into rental units. ADUs provide an incredible amount of flexibility that span not only one person’s lifetime but also the generations that follow. Families look at ADUs as a way of maximizing their home’s property and take advantage of unused space in the backyard to provide affordable housing for elderly parents and adult children who can’t afford to purchase their first home. ADUs are private, comfortable spaces for guests and family visitors as well. They can even provide a place to live while you remodel your main home.

There’s a lot to learn and it’s never too early to start educating yourself and consider if something like an ADU can work for you. ADUs aren’t for everyone, that’s for sure, but there’s one thing for certain; ADUs are a robust, flexible option for families across America.

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