|Auxilary Dwelling Units
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With the growing population in Seattle and the need for more urban density, homeowners have an opportunity to add value to their home, as well as create additional income for their pocket book, by building an Auxiliary Dwelling Unit (ADU) in the unused space of their home. This additional income may be ideal for the retiree who wants to stay home but the cost of taxes and other expenses are forcing them out, or the first time home buyer who wants to live in a neighborhood they would otherwise be unable to afford.
The expense of remodeling to create an ADU can become costly. For example, adding a second kitchen can cost tens of thousands of dollars. With this in mind, it makes good sense to plan out improvements and additions wisely.
According to the Northwest Multiple Listing Service (NWMLS), the average 2-kitchen home that sold between 2000 and 2004 in North Seattle had a value of approximately $30,000 more than a home without (see graph).
An investment of building a second kitchen to create a space for an ADU Unit maybe a worth while investment. However, it goes without saying that not all homes or individuals will function well with an ADU. Before making the investment it is important to have a good design. The space should be designed so it functions well as a rental unit and also as part of the home as a whole. Future buyers may not want an ADU Unit. Therefore, a good design will create a space that is desirable for any use.
Also, being a landlord is not always an easy job. Between finding and
screening potential tenants, collecting rent, dealing with concerns, complaints,
and maintenance problems being a landlord can be a lot of work.
If you, your friends, or family are thinking about buying or selling real estate don't hesitate to call or email Andrew.
By the way...I'm never too busy for any of your referrals!!!
Andrew L. Parker
RE/MAX Mutual Realty
1718 NW 56th Street, Suite 210, Seattle, WA 98107
Cell: (206) 930-8238 | Fax: (206) 297-5599