Are you getting more requests to expand home living spaces, such as with a granny flat or an apartment over the garage? Contractor financing for accessory dwelling units (ADU) may help you encourage people to expand their homes with ease. HFS Financial can help you to offer just that with available ADU financing. What could that mean for your business?
What are ADUs?
An accessory dwelling unit is the addition of space added to a residential home. These units are becoming popular as more people stay close to home even as they get older. For example, adding an apartment-like structure to the back of the home allows aging parents to move onto their adult child’s property while still having a separate, private space. That may help them avoid having to move into an assisted living community as they get older. For some families, a son or daughter may come back home after the freedom of college life. That’s a great reason to add an apartment over the garage or to finally expand the attic into livable space.
To accommodate other needs, some clients may want to add a micro dwelling or tiny home to their property. Barndomiums, which are barn-like structures converted into living spaces – are another example of using space in new ways. A cottage tucked into the wooded backlot of a property could become a retreat. There are a lot of uses for these properties, and with home prices on the rise, it’s often more economical to expand an existing home than it is to buy new.
Know the Rules About Contractor Financing for Accessory Dwelling Units
Offering contractor financing for accessory dwelling units to your clients may be easy to do through HFS Financial. However, there are a few rules to keep in mind.
These types of additions to homes can only be made to the person’s primary residence in order to use contractor financing. Additionally, secondary structures, such as that cottage or in-law suite that isn’t attached directly to the home, still must be on the same lot as the home.
Once you have the plan established, the next step is as easy as educating your prospective clients on the availability of financing. That could help you close more deals — especially when you know they are looking forward to that artist studio or separate in-law suite.
How Contractor Financing Changes the Game
As a contractor, your clients come to you with ideas for projects and specific needs. They often expect you to be able to offer them (or point them in the direction of) financing that can help them pay for these changes. By working with HFS Financial, you can grow your business simply by being able to provide your clients with the funds they need to make their dreams come true.
Contractors can work with HFS Financial to offer ADU financing to your customers. It’s easy to get started, too. One of our qualified staff is available at 1-800-254-9560 or you can apply online for your free partnership today. Homeowners can also inquire about ANY home improvement loan in just 60 seconds. With HFS Financial, “You Dream It, We Finance It!”