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From Empty Nest to Full Wallet: How ADUs Can Boost Your Bank Account
As empty nesters age and their children move out of the family home, many people find themselves looking for ways to make their nest a little more full. One way to do this is to look into adding an accessory dwelling unit (ADU) to their property. ADUs are a growing trend among homeowners who want to make their nest a little more full financially.
An ADU is a separate living area that sits on a single-family lot and is typically used as a rental property. ADUs can range from detached structures, such as a tiny house, to an addition to existing home. As a rental, an ADU can provide a steady stream of income to the homeowner, while also increasing the value of their property.
For those who already own a home, adding an ADU can be a relatively simple and inexpensive project. Depending on the size and scope of the project, it can be done for as little as a few thousand dollars. For those who don’t own a home, but are looking to invest in real estate, an ADU can be a great way to get started.
In addition to the potential for increased income, ADUs can also provide a number of other benefits. From a tax perspective, ADUs can provide tax breaks for those who own them, as well as those who rent them. This can be especially beneficial for those living in high tax areas.
From an environmental perspective, ADUs can also provide a number of benefits. By adding additional living spaces that are more energy-efficient, homeowners can help reduce their carbon footprint. They can also help to reduce the amount of traffic in their neighborhoods, as more people opt to live in an ADU rather than a traditional home.
Overall, ADUs can be a great way for empty nesters to fill their nests with a bit of extra cash. Not only can they provide a steady stream of income, but they can also help to reduce the environmental impact of their homes, while increasing the value of their property. For those looking to make their nest a little more full, ADUs can be an attractive option.