One of the smartest investments that homeowners can make to their residential properties is a garage ADU. The space in the garage is converted into a place for accommodation. It is suited for homeowners who are near or at an age for retirement. The garage conversion is a good strategy for long-term security for retired people and their families.
How does an ADU attach to the garage help you?
If you are approaching old age or senior citizenship, you need to have a retirement fund. One of the best ways for you to achieve this objective is via a garage conversion into apartment space. Being a homeowner gives you the advantage of adding extra revenue to your retirement account.
An ADU attached to garage will largely extend your retirement savings and give you extra income for daily living. On top of this, your ADU will offer you the resources needed as you progress into old age.
Generate extra income
Presently, purchasing property in Southern California is very expensive and making an extra home for many residents that fall under the middle-income range is difficult. If you own a home, increasing the value of your property will give you the security needed for the years ahead. If you have kids, the space offers them independent accommodation for them to come, stay or even live with you.
Reasons as to what garage conversions to an apartment space are a good investment?
It has been recently estimated that about one-quarter of all adults in the state between the ages of 23 and 37 years have returned to their parents’ homes, making garage conversions into an apartment space an amazing opportunity for both children and their parents. This helps young people develop their finances for the future while improving the value of their property and possibly obtaining a considerable income for the future.
In addition to the above, a garage ADU conversion is a cost-effective solution when it comes to the time taken for construction and upfront expenses. Homeowners do not have to get a new structure built – they just will have the present space they hold refurbished and converted into a completely new functional space for living.
In South California, ADUunits have proliferated, especially in Los Angeles County, where the total number of applications in 2020 has surged by a factor of 60 from three years ago. It has been estimated that nearly 80 percent of homeowners interested in ADU construction are potentially using this space for multigenerational housing goals.
The above can either serve as a living space for a minor or any adult child or grandchildren, for old parents, or for downsizing purposes if one decides to rent the space for the primary resident and wish to remain in the neighborhood.
Increasing rent prices in Southern California have led to multigenerational housing options being made extremely attractive for homeowners with independent children. ADU attached to garage units offers private and safe accommodations for kids attending college. When they become more financially capable, the ADU can later be used as rent for tenants at a price that often pays you more than construction.
