#1. Laws are Changing
The California Senate passed a state-wide granny flat law in January of 2017. The new law, Government Code 65852.2, deregulates all prior accessory dwelling unit restrictions and opens up development for anyone to build a second rentable unit on a single-family property.
This means that any property zoned for a single family and that meets local ordinances can be converted into a duplex.
Furthermore, cities like San Diego waived their development and impact fees (DIF) making the permitting process cheaper and less restrictive. As more cities struggle to maintain a healthy inventory of single-family homes at affordable prices, you’ll see legislation change to support the development of accessory dwelling units.
#2. Turn 100K into 1.4 Million
With rents in cities like San Francisco, San Diego, LA, Portland, and Austin at an all-time high, homeowners must think of savvy ways to maximize their properties. Monthly rental income can give families the flexibility to travel, save for retirement, or put a child through college.
While there’s a substantial upfront cost to building a granny flat, the long-term return on investment almost always outweighs the initial price tag. A stand-alone unit that costs $100,000 upfront can bring $1.4 million in value over a 30-year period.
#3. Motivation From a Healthy Economy
The HGTV effect brings Hollywood magic straight to your living room, convincing thousands that renovations, development and real estate deals happen over a weekend for the price of some sweat equity.
The reality is a far cry from the tv magic, but with the economy doing well, low mortgage rates, and strong existing home sales, Americans have a lot of motivation and confidence to invest in their properties. In fact, 2017 saw the strongest spending on home construction projects since 1994.
It’s hard to predict what life will throw at you.
A granny flat allows aging family to stay close to home and maintain their privacy. Grandparents can spend more time with their loved ones at meals or help babysit.
Or perhaps, you decide to start your own business and need space to expand and build. A granny flat can be perfect for a home office away from the shuffle of the main house.
Some people just want a comfortable place for family or friends to stay for longer periods of time.
Often a family’s needs for their granny flat change over the years.
Call us at 888-987-6638 or email email@example.com to build a granny flat in San Diego!