If you’re like many people buying a home in Lake City, you might find that it’s smart to buy a house with a built-in “granny flat” or “in-laws’ quarters.” That’s because it offers double the living space – and you can rent out what you’re not using to help cover your mortgage payments.
What is a Granny Flat?
Also called an “in-laws’ quarters” or guest house, a granny flat is technically an accessory dwelling unit, or ADU. It’s a separate home on the same property as the primary home, such as an above-garage apartment or standalone house behind the main dwelling.
These types of homes are gaining popularity in Los Angeles, Portland, Chicago and other major cities – and they’re reaching to smaller communities, too, because they’re a more cost-efficient buy for many people.
Sizes and amenities vary greatly when you buy a home with an ADU… but generally, most are small (ranging between 700 and 1,000 square feet, like an apartment) and have an average of 1.5 baths.
“People have always added on to their houses and put structures into their backyard,” said Karen Chapple, a professor of city and regional planning at the University of California at Berkeley who has written and researched extensively about ADUs. She built one in her own backyard in 2011. “We’re at the point in the U.S., with the economy growing and housing prices going through the roof, where many young adults and seniors aren’t able to find a place to live. All across the country, we’re going to have to densify our suburbs,” she said.
Research done at the University of California found that about 58 percent of ADUs rent at or below market rates, which make them more affordable for tenants – but it also shows that they’re often rented to family or friends, which likely accounts for the lowered prices.
But even still, it’s a little help on the mortgage… and buying a home with an ADU might be right for you.
Are You Buying a Home for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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