ADUs May Be the Future of Housing
In a time when mortgage rates have hit their highest levels since 2007, and housing prices continue to be unattainable for many, first-time homebuyers, those looking to downsize, and others continue to turn to Accessory Dwelling Units (ADUs) as an affordable solution. These small, yet customizable homes are growing in popularity across the country, but especially in California where real estate prices still outpace other markets.
HomeQuest sells a variety of ADUs that homeowners place on their property for a variety of reasons, including housing for aging parents, young adult children who might not yet afford to rent or buy, or to rent for passive income.
As the name suggests, ADUs are smaller than the existing home, ranging anywhere from 500 to 1,000 square feet. Although ADUs are built in a factory and delivered to the site, ADUs have spaces and amenities similar to a standard, site-built tract home. Placing an ADU on a property is also often easier than a complete remodel or addition to one’s home and can provide more privacy for the tenant.
“The extra living space and flexibility that an ADU provides is a benefit to homeowners who may need a home office, while also using the ADU as guest quarters,” said Shane Joffe, general manager and partner of HomeQuest. “In California, where land is limited, backyard ADUs provide a myriad of options for homeowners, including affordable housing for generational living, which is more important than ever.”
The state of California is encouraging an increase in housing production, removing barriers to the construction of ADUs, and streamlining state laws to assist in this, so the housing gap can be closed. Options for financing are also changing, so owning an ADU or manufactured home may be easier than in years past.
For homeowners looking for environmentally friendly options for their new space, ADUs are also considered eco-friendly since the units don’t require additional land; they use fewer resources to build and maintain than a site-built structure; they often make use of existing infrastructure, and they use less energy for heating and cooling. Other energy-saving features may be added, depending on the manufacturer.
As ADUs continue to gain popularity and regulations ease with cities and HOAs, HomeQuest encourages you to explore this dynamic and affordable solution for housing, as well as an option for a traditional home addition. If you have been considering an ADU or would like to learn more about them, please reach out to us here at HomeQuest.