As more and more homeowners look for ways to increase their properties value, a smart and potentially lucrative option to consider would be adding a mother-in-law suite, also known as an accessory dwelling unit to either an existing home floor plan or by building a new additional living space on the property.
According to analysis by online real estate company Zillow, the Miami-Fort Lauderdale metro area ranks No. 2 in cities with the highest numbers of people ages 24 to 34 living with Mom.
Every family is different and therefore the reasoning behind implementing or purchasing a home with an ADU will vary. You may have an aging family member that needs to be closer to someone to help take care of things which alleviates the need for senior living and also gives a peace of mind to the family knowing there is someone close by at all times. Maybe your child wants to come home after finishing college? Having an individual living space can supply some privacy for both the child and the parents, as well as an opportunity to instill responsibility by having the child pay a small rent fee or cover a portion of the bills. And for homeowners without any of these scenarios, renting out their ADU is a way to earn extra income.
Whatever the reason, the benefits are endless! Here are just a few:
The biggest advantages to owning a property with a secondary unit are financial. A tenant can be a huge help for first-time homebuyers saddled with a steep mortgage payment.
Some homeowners can save the rent money and then apply it towards a down payment on their next home, which opens up the possibility of moving out and renting both units.
Savvy homebuyers, real estate investors and property management companies are always on the lookout for these types of properties, driving up demand and price. And as any house hunter in the last decade can tell you, they go fast once they hit the market. This means that anyone planning to build their own house should definitely consider the possibility of adding a secondary unit, which may help boost the resale value and interest in the property.
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