You Might Have Heard the Term a lot
With so many people trying to find ways for extra revenue, the term ADU has been thrown around a lot as a way to earn money, or just as a great addition to your home. Honestly, it can do both of those things! Simply put ADU stands for Accessory Dwelling unit and is a legal and regulatory term for a secondary house or apartment that shares the building lot of a larger, primary home.
They can actually add a ton of value to your home when selling, but also give you some revenue while still staying in your home. If you want to add something to your home that will not only add space but also recoup your money, it is a great option! However, it doesn’t have to be for extra cash generation. Sometimes you want a space for family to stay, where they can have their own space (think of a mother-in-law suite). Here are a few ideas on how they increase your value in the long-term and short.
Renting it Out
Well, the first most obvious idea is that you can rent them out! With the increase in travel following COVID and the rise in prices on sites like Airbnb, this is actually a great way to help pay your mortgage and actually make some extra cash! The low-end income for an Airbnb is $924 a month (over 10% of renters make over $2,00 a month). Now, when you consider an area like Wilmington NC, that number can be much much higher. So if you’re looking for a way to increase your current income, something like an ADU can be perfect.
Obviously, the downside is there is some extra work involved with cleaning and maintenance, but if you have the extra time, this is a great way to make some money out of your investment. Plus, you can always rent the space until it has paid for itself, and then just have extra space for your family!
Giving You More Space
Next, if you don’t feel like going through the hassle of renting it out, you can always just build an ADU to give you more space. This can come in the way of a workshop, office, or so many other things. Sometimes, your current home can’t really support more space (or it just isn’t feasible to build out a bigger foundation) if that is the case, an ADU can be a fun way to add space. There are times when having a space away from your intimate living areas is the right choice.
Perfect for Family
Lastly, if your family lives far away (or just far enough to need a hotel room) this can be a perfect way to house them. It will keep everyone close, but give everyone enough space to enjoy the vacation. This will give your family members their own space, but be right there. Instead of having to drive all around town to round everyone up, they are right there, but when the time comes to go to bed and wind down, they have their own space.
If you’re thinking about building an ADU and want a team that can not only help you design your dreams but also take the job all the way, call the team at Avocet Design Build today to turn your dreams into reality!