Curious about adding an ADU (Accessory Dwelling Unit) to your property? You’re not alone. ADUs have become an increasingly popular choice for homeowners looking to expand their property’s potential, whether for rental income, accommodating family members, or boosting long-term property value. But if you’ve been on the fence about adding one, now is the time to take action.
Experienced real estate professional Lindsey Harn emphasizes the importance of starting the process sooner rather than later. “This law could go away or get changed down the road, so if adding an ADU is in line with your investment or retirement plans, I would absolutely start the process and look into it now,” she advises.
Why Build an ADU?
An ADU can serve many purposes, from creating a rental unit that generates passive income to giving you space for extended family members or guests. With housing costs continuing to rise in many areas, ADUs are also seen as a solution to affordable housing challenges, making them an appealing investment.
Moreover, adding an ADU can increase your property’s overall value. Many potential homebuyers see ADUs as a big selling point because of the flexibility they provide. Whether you’re planning to sell down the road or are looking to create additional living space for your own use, an ADU is a smart financial move.
Play Croco Casino has quickly become a popular choice among Australian online gamblers, thanks to its vibrant design and user-friendly interface. This casino offers a stellar range of games, including pokies, table games, and live dealer options, making it suitable for all types of players. One of the standout features is its generous bonuses, which provide great value to both new and returning players.
Players appreciate the secure payment options and swift withdrawal times, ensuring a smooth gaming experience. Additionally, Play Croco Casino caters to mobile users with a fully optimized site, allowing players to enjoy their favorite games on the go.
For those looking to dive deeper, you can find all the necessary information and access their platform through this link: https://playcrocologin.org/. With a solid reputation and a commitment to player satisfaction, Play Croco Casino is definitely worth checking out for anyone in Australia seeking an exciting online gaming environment. Whether you’re a seasoned player or new to online casinos, Play Croco has something for everyone.
The Timeline: Plan for Patience
It’s important to understand that building an ADU doesn’t happen overnight. The approval and construction process can take time, often between one and two years. “You’ll need to factor in the approval and building process,” Harn explains. “If you’re not quite ready to build a new unit on your lot, you can still make an effort to get the city approvals you (or a future owner) will need to move forward with the plans.”
Even if you’re not ready to break ground, securing permits and approvals now can save you time and headaches down the line. This is especially valuable for those thinking about long-term investment or retirement plans, as you’ll already have the green light to start building when the time is right.
A Changing Legal Landscape
ADU laws and regulations are evolving, and while current laws are favorable for homeowners, that might not always be the case. If you’re seriously considering adding an ADU to your property, it’s crucial to take advantage of these favorable conditions while they last. The ability to build an ADU may become more restrictive in the future, making it harder or more expensive to get the necessary permits.
As Harn suggests, don’t wait for the law to change: “This law could go away or get changed down the road, so if adding an ADU is in line with your investment or retirement plans, I would absolutely start the process and look into it now.”
How to Get Started
If you’re ready to explore the idea of building an ADU, here are a few steps to help you get started:
- Check Local Zoning Laws: Different cities and neighborhoods have specific zoning requirements for ADUs. Make sure your property is eligible.
- Meet with a Contractor or Architect: To better understand what’s feasible on your lot, consult with professionals who can help you with design plans and construction timelines.
- Apply for Permits: Even if you don’t plan to start construction right away, getting the necessary permits now ensures you’re prepared for the future.
- Review Financing Options: Building an ADU can be costly, but there are financing options available, such as home equity loans or refinancing. Some cities even offer grants or incentives for building ADUs.
- Talk to a Real Estate Expert: If you’re considering an ADU as an investment, consult with a real estate professional to understand how this addition might impact your property value and future resale potential.
Final Thoughts
Whether you’re looking to add value to your property, generate extra income, or create additional living space, building an ADU can be a smart and strategic move. However, with evolving regulations and the long approval process, homeowners should start planning as soon as possible.
Don’t wait for the law to change or for someone else to take advantage of this opportunity—say “AD – I Do!” and get started on your ADU journey today!
Curious if an ADU is the right approach for increasing the value of your home? Contact the team at Lindsey Harn Group today to get a no obligation home valuation and to discuss your real estate goals.