Accessory Dwelling Units are growing in popularity as real estate prices soar and the lack of available property on which to build is becoming scarce. Add to that the COVID effect where extended families are moving closer to each other, and it’s clear to see the benefits of Accessory Dwelling Units. So, let’s consider whether an ADU could be a good fit for you.
What is an Accessory Dwelling Unit?
An Accessory Dwelling Unit (or ADU) is an additional structure on your current property that could be used for housing purposes. Think Mother-in-law suite, granny flat, or guest house.
Why would you want an ADU?
Many families are using ADUs to provide an affordable housing option for their extended family. Young families may not be able to afford property in a location where jobs are good and family is nearby, but by building an ADU, they can share a prime location and enjoy the benefits of family support without being on top of each other. As parents age, some families are moving to this option rather than expensive assisted living facilities, or as a go-between.
Are ADUs approved in all areas?
ADUs are very popular in municipal areas across Canada, with Vancouver seeing the biggest increase in recent years. Ontario allows ADUs in general, although, just like all construction, there are limitations and regulations.
Are ADUs a good investment?
An ADU can be a good investment if constructed correctly. Some ADUs go against the design of the original structure and can lower the overall cost. If done well (and permitted correctly), the addition can be considered a rental property, which will increase your property prices by quite a lot.
How to get started
To get started, you will want to consult with a real estate development expert. They will act as a project manager to help with design, permitting, construction, and financing. To get set up with a consultation now, click through: https://www.regalwayhomes.com/book-online