Are you currently on the lookout for an affordable home that suits your budget, or are you an existing homeowner seeking additional income or accommodation for your loved ones? Whether you’re a prospective homebuyer or a homeowner with evolving requirements, consider exploring Accessory Dwelling Units, often referred to as ADUs, as they could potentially assist you in achieving your objectives.
What Is an ADU?
As AARP says:
“An ADU is a small residence that shares a single-family lot with a larger, primary dwelling.”
“An ADU is an independent, self-contained living space with a kitchen or kitchenette, bathroom and sleeping area.”
“An ADU can be located within, attached to, or detached from the main residence. It can be created out of an existing structure (such as a garage) or built anew.”
If your are thinking about whether an ADU is a suitable option for you as a prospective buyer or current homeowner, here is valuable information outlining the benefits that ADUs can offer. It’s worth noting that ADU regulations vary depending on your location, so it’s advisable to seek guidance from a local real estate professional for more details.
The Advantages of ADUs
Freddie Mac and the AARP highlight some of the most valuable aspects of ADUs for prospective buyers and homeowners:
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Proximity with Independence: ADUs enable family members to reside in close proximity yet maintain separate living spaces. This arrangement allows for shared moments and mutual support, such as childcare assistance, while ensuring the privacy of individual households. If this concept aligns with your preferences, it’s worth exploring the option of purchasing a home with an existing ADU or constructing one as an addition to your current residence, according to Freddie Mac:
“Having an accessory dwelling unit on an existing property has become a popular way for homeowners to offer independent living space to family members.”
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Aging Gracefully: Similarly, ADUs offer older individuals the opportunity to reside in proximity to their loved ones who can offer support as they age. This arrangement provides them with the advantages of both independence and assistance from family. For instance, if your parents are advancing in age and you’d like them to be nearby, you might consider purchasing a home with an existing ADU or adding one to your current house.
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Cost-Effective Construction: Given that ADUs are generally smaller in size, they tend to be more budget-friendly to build compared to larger, standalone homes. Constructing one can also enhance the overall value of your property.
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Generating Extra Income: If you own a home with an ADU or build one on your property, it can serve as a source of rental income, which can be applied toward your own mortgage payments. It’s important to note that since an ADU is typically considered a secondary dwelling on a single-family lot, it cannot typically be sold separately from the primary residence, although this may be changing in certain provinces or territories. Consulting with a professional can help you understand your options.
These are among the few reasons that resonate with many individuals who find ADUs advantageous and consider them a sound concept.
Bottom Line
ADUs present valuable advantages for both prospective homebuyers and current homeowners in the Muskoka and Parry Sound regions. If you’re interested in exploring this housing option, we encourage you to reach out to our team. We are here to help you navigate the local building codes and regulations related to ADUs, and we can offer valuable insights into the current housing opportunities available in the local market.
Sources:
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Freddie Mac – https://sf.freddiemac.com/docs/pdf/fact-sheet/adu-fact-sheet.pdf
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The Wall Street Journal – https://www.wsj.com/economy/housing/tiny-homes-are-the-hot-new-homeowners-accessory-71cc05a9
