Adding an ADU or accessory dwelling unit has never been easier than with an ADU loan through HFS Financial! In just 60 seconds, you can be on your way to adding extra space or extra income to your existing home.
Before you set permanent plans in place, though, what are the things you need to know? Our experts are here to give you all the tips, tricks, and information you could want to start making your accessory dwelling unit a reality today.
1. How Much Does the Average ADU Cost?
The cost of individual accessory dwelling units can vary wildly depending on what you build and where you build, etc. AngiTM states that for 2023, “An ADU costs approximately $150 to $300 per square foot on average, but some ADUs cost over $600 per square foot.”
If you are looking to keep costs lower, you can find ways to do so with your contractor. You can also do work yourself or ask skilled friends and family to assist you with different things. If you go this route, be sure it is okay with any contractors you may work with and that you are completing things to code the first time.
You can also use more affordable materials to help cut costs. Find things like scratch-and-dent appliances or discounted flooring to lower the final price of your accessory dwelling unit.
With so many ways to save the money you want or spend it where you want, you can truly create an ADU all your own and make the most of your personal ADU loan.
2. How Can I Make Money with an ADU?
Once you have your ADU loan, you can plan to make extra income from it by including rental space or business space.
For example, if you plan to add to your home, make a separate entrance and living space so you can rent it out.
Or, if you are building a separate building on your primary property, make an office space to run your business from.
3. Where Can I Build an ADU?
You have a lot of options as to where you can build your ADU as long as it is on the same property as your primary residence. Try adding an apartment over the garage, a pool house, a guest house, an additional living space onto the existing house. You can even redo the basement to be an in-law suite.
As long as your plan is executed on the same property as your primary residence, HFS can help you finance your project.
4. Who Can Help Finance My ADU?
HFS Financial is here to help you finance all of your home improvement needs. Whether it’s a personal ADU loan, pool loan, fencing loan, or even solar panel loan, our experts can help make things happen for you.
Use our 60-second rate checker today to see if you are conditionally approved for a personal loan. Our representatives will reach out to you to help finalize your personal loan so you can make your home everything you want it to be. With HFS Financial, “You Dream It, We Finance It.”