Turning lemons into lemonade- what homeowners are doing to get additional income and raise property value. Since the dawning of the Coronavirus pandemic, Angelenos were locked down with strict stay-at-home orders. More time at home meant more time to come to terms that the home you have to spend 24 hours of your day in, just maybe ominous. Many Angelenos spent their free time remodeling their home and turning their extra space into an “Accessory Dwelling Unit (ADU).
In early September, the State of California passed Senate Bill 9, to address the state’s housing shortage. This bill allows homeowners to build multiple units on their property to rent out for additional income. As this bill is fairly new there are not too many limitations, which homeowners are taking advantage of.
One homeowner, mentioned in the article, expresses that he built his ADU out of an old run-down garage in his backyard which now is making enough money to cover his mortgage. An ADU building specialist explains how at the beginning of the pandemic, business was slow for him, but things took a great turn. This trend in ADUs has also caused the cost of lumber to skyrocket and the cost of building an ADU is estimated to be anywhere from $50,000 to $100,000. If you would like to bring additional income or value to your property, ADUs can be a great way to do so.
Staff, CBSLA. “Sitting on Money: Angelenos Cash in on Booming Real Estate Market with Adus.” CBS Los Angeles, CBS Los Angeles, 30 Sept. 2021, https://losangeles.cbslocal.com/2021/09/30/sitting-on-money-angelenos-cash-in-on-booming-real-estate-market-with-adus/.