Economic & Financing
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Yes! According to your current situation, there are plenty of programs that will help you get the right conditions to get your ADU. We offer 100% financing among other loan programs.
Among others, we mention the 9 more common (Home Equity Line of Credit (HELOC), Home Equity Loan, Cash-Out Refinance, Renovation Loan, Construction Loan, FHA & Fannie Mae Loans, Family and Friends loan, Credit Card or Personal Loan, Retirement Accounts.
Yes, but not much. When you build an ADU, the city will do a blended assessment, which does not affect the value of your existing property, but instead, assess the cost of the construction and adds that to your original property value. Your taxes will only increase by 1.1% of the total cost of the improvements.
If you want to build an ADU and later sell your house, we have good news for you! Adding an ADU can increase the value of your property by $150,000 or even more. This is one of the benefits of building an ADU. From the moment you have one, you can only win.
Homeowners cannot sell the ADU separately from the main property.
There are fees associated with the construction of your ADU. Some fees you may expect are: an ADU application fee, a transportation impact fee, a park impact fee, and construction permit fees (building, plumbing, mechanical, electrical, etc.), but some of these may not apply to existing permitted, finished, and habitable structures.