Could Luxury ADUs Help Priced Out Buyers Get Back in the Game?
In a housing market currently defined by skyrocketing prices and falling demand, luxury accessory dwelling units could offer both an affordable and a desirable alternative for prospective buyers, says Realtor.com. Small ADUs on pre-existing properties aren’t just easy to build, but they also come with affordable price tags, and they allow first-time buyers to live within walking distance of their loved ones.
Best of all, because the cost of building ADUs is far lower than traditional construction costs, buyers can upgrade their spaces with luxury features and high-end finishes to achieve their dream homes at a portion of the cost, though also at a fraction of the size.
“The skyrocketing cost of housing has sparked a national housing crisis,” says Kerry Sherin, consumer advocate at Ownerly in Myrtle Beach, SC. “Rents are rising, so millennials are looking for long-term and affordable housing. ADUs can be a better investment than renting—and an investment that appreciates, not just in value, but in long-term utility.
“For both parents and their millennial children, there’s no reason not to consider adding an ADU to their property,” says Sherin.