brg_admin | Mar 1, 2019 | 0
Beaverton Real Estate: Accessory Dwelling Unit (ADU), Passive Income
By Reese Policar
Have you ever considered turning part of your home into rental space to add passive income or increase your property value?
Have you noticed the heavy traffic in Beaverton and Portland the last few years?! People moving here need housing! With all-time low real estate inventory and migration into our area, home prices continue to rise. Additional rental income has now become a serious consideration for some home buyers purchasing their first or even their second home. So adding an ADU to your property, might be good future investment.
Depending on lot size, zoning and setbacks, the city may allow ADUs to be added to an already existing property. The property does not need to be subdivided for that. An ADU can be attached to your existing property, such as in the basement or an attached garage, or it can be unattached.
- Here is what the process of adding an ADU looks like:
- Assessing the property for the potential of building an ADU–consult with an ADU expert or someone who has experience.
- Make drawings or plans–hire an architect.
- Get city permits–Your county/city office is going to become home away from home for a few months.
- Build–find a builder or a general contractor who can help you coordinate material and contractors for the project.
- Finalize the ADU process–get final approval for occupancy from the city.
- Find a good property manager to help you manage the property, as a business.
There are strict guidelines and restrictions, so please consult with your local city and county agencies.
About Reese: We have been selling residential real estate for 15 years in Beaverton and Portland. I have three kids and I enjoy spending time in the outdoors. For more information please contact the Reese Team at 503-539-1143. Keller Williams Realty Professionals, www.reeseteampdx.com