There is a popular saying that spare cash does not always generate the best returns and if you have spare money, it is best to convert it into an asset. You could be having some cash lying idle but perhaps completely short on investing ideas. There are options to invest in stock markets, but the volatility perhaps scares you terribly. A much better option will be to invest in your property. If you have some space within the property the best option will be to build an additional dwelling unit.
What is it precisely?
These are additional residential units separated from the main building but very much within the boundary wall. There are two key reasons for us to call it an investment.
- This space can always be rented out to tenants and you get to receive a nice recurring rental income. The best ADU contractors in Palo Alto will construct it for you and if you are eager to lease the space to tenants, one must communicate to the contractor on certain key aspects. It must have a separate entrance from the street and the construction should offer basic living comfort. These are the features, which should help you to derive the best rental prices from the tenant.
- The inclusion of this unit boosts up home value and at any stage, you decide to dispose of the property, the presence of an ADU unit will allow you to quote a higher price.
These are primarily the monetary benefits and there is more to gain. Anyone in the family can use this space if he/she needs some moments of privacy. Since this unit is detached from the main building, the noise will not enter here.
Can I start construction immediately?
One can see that this home expansion exercise is beneficial and perhaps you would be eager to start construction. There is however a need to seek the necessary sanction required for this construction. One of the prime areas of focus is always the ADU height. Every place in the United States has different rules regarding this matter and as you are applying, one can always seek suggestions from the contractors. Ask the contractor to check out the allocated space for the ADU. How far is the nearest public utility systems from the space selected for the ADU? These aspects will play a critical role in the quick application sanction process.
Once the sanctions for your application comes the contractor can now get down, Clearly communicate to the professional on your needs, and in quick time, you should have the perfect home additional construction-ready on the piece of idle land.
