Real Estate is BOOMING in San Diego, and with the increase in prices, scarcity of housing has become a major issue for many wanting to live in the land of sun and surf. But there is hope!
Here’s what you need to know about the recent update in San Diego. The secondary/tiny housing (accessory dwelling unit) movement, and how it impacts you.
What the heck is an ADU?
[photo credit, allcreated.com]
Simply put, an ADU is an accessory dwelling unit (also known as a granny flat, backyard cottage, or mother-in-law suite). A self-contained accessory structure that sits on a residential lot. It offers independent living facilities for one or more people.
It’s basically a home near your home which you can use to rent out, have family move in, or use to increase the value of your property if you ever decide to sell.
How will the rise of ADU’s in San Diego affect me?
The recent provisioning that permits property owners to build these structures on their land will have the following impact on you and San Diego County as a whole,
1. An Increase In Affordable Housing
[photo credit, Houzz.com]
There is no doubt about it. The need for affordable housing in San Diego has been a long time coming and a major pain point for many.
Homeowners and developers now have motive to expand on their land creating opportunity for more housing at reasonable prices.
2. Economic Growth
The creation of affordable housing in one of the worlds most sought after places to live comes with one guaranty we’re certain of.
An increase in population.
There are many arguments around whether this is a good thing or not. But most academics are in favor of population growth as a stimulant for improving the health of a city by creating an expanded work force, an increase in customers for local businesses, and in turn an increase in tax revenue (which can be used to invest in more roads, public transit, schools, the arts and parks and much more).
3. An Impact On Real Estate Transactions
Changes in transactions will take place in the real estate world.
People are more likely to pay to have access to a property with an ADU built on site. Similar to buying a home with a swimming pool in the backyard.
This will become a great way to increase the value of your property not just in regards to investing (and renting to pay for your mortgage) but also setting your property apart from others in the market.
[all photo's via, unsplash]
The concept behind ADU’s isn’t something new. But the recent changes allowing these units to be built in San Diego paves the way to all sorts of new opportunities and challenges.
In the upcoming months we’re going to be sharing with you how we built our first ADU, tips on how to build your own, and all sorts of inspiration around this unique moment in San Diego’s incredible real estate history.
We’d love to hear your thoughts on how the recent changes have impacted you (if at all) and if you have any questions or topics you’d like us to write about regarding accessory dwelling units in San Diego?
Please comment below!