Do You Want to Make the Most of Your Home?
How Can I Help My Kids With Finding Housing - An Investor's Perspective
Last Updated: February 9th, 2022
Do You Want To Make The Most of Your Home?
Hey, we’re Framework First! We’re determined to make the most of each and every home through our courses, content, and ADUs! Our only question for you… will yours be next?
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These days, and especially in California, housing is expensive! Adult children are living at home longer due to the expensive cost of housing. Renting is expensive, but first time buyers can have a really difficult time saving for a 20% down payment on a $600,000 home. That is $120,000 down payment, which is a pretty tough save.
$600,000 Home cost
X 0.20 (20%)
$120,000 Down payment
@ $500 Savings per month = 240 months = 20 years
@ $1,000 Savings per month = 120 months = 10 years
@ $2,000 Savings per month = 60 months = 5 years
So, yes, it is doable, but again tough for most people to save $2000 per month. An accessory dwelling unit (ADU) can be a great option for both parent and adult child. Your new ADU or junior accessory dwelling unit (JADU) can not only provide housing, but also add value to your main home and provide options in the future.
If you add onto your home with either an ADU or a JADU your adult son or daughter can still maintain their independence by having their own separate entrance to the new home. They can still do all of the same things they have always done, but with family close by. Trips to the grocery store or other shopping can be combined to save on gas and time. Not only is this a great option from a cost standpoint, but also can be an environmentally sound decision.
What are your options for housing your adult child?
- Detached ADU – Complete Separate Home in Your Backyard
- Attached ADU – Basement or Garage Converted to Separate Home
- JADU – Separate Bedroom with Kitchenette and Shared Bathroom
Choose the option that fits best for your child as well as for your budget. Possibly your son or daughter can help contribute to the cost of the new ADU. Or maybe they can help by paying an affordable rent. The least expensive option would be converting an existing bedroom into a JADU. This can be a great option for you and your child if you have room to spare. With a JADU, both you and your child can maintain some separation while still sharing the same home. Think attached hotel suite with a mini fridge, microwave and coffee maker.
An attached ADU can also be a more affordable option by converting your garage into a small home or studio apartment. Many people don’t actually even park their vehicles in the garage, so converting it to living space can be pretty easily done. You may already have easy access to plumbing from an existing washer and dryer in the garage. To save costs keep your plumbing for the bathroom and kitchen close to the laundry area or the wall that backs the house kitchen. That way there is water and sewer for less expensive plumbing connections.
Garage Conversion ADU Planning:
- Keep plumbing close to existing kitchen or laundry
- Footings for enclosing vehicle door
- Keep vehicle door on exterior for nice look
- Add window/s for light
- Add glass entrance door for light
- Check electrical panel for size and quality
Possibly the most ideal option is a detached ADU. Located in your backyard, this is a close space for your son or daughter, but not too close. Of course you love them, but this will give everyone a sense of space and privacy. They will still be your favorite neighbor to stop by for a cup of coffee or invite over for dinner or a barbeque too. Having a fully functioning home in your backyard, while smaller, can be the perfect option for your child! If you have grandchildren this can really be a win-win situation. You can both help each other when you need it. Either in your house or their ADU, this can keep a multi generational family connected and enjoying life together with only steps apart!
All of these JADU and ADU options are great choices to help with housing for your family. Start your ADU project now while the laws are in your favor. Who knows you may even want to live in your ADU someday. Plan ahead and you could have a great retirement home in your own backyard. And the best part, someone could be paying you thousands of dollars each and every month to rent the big front house. Now, that’s a great way to supplement with big passive income!
To see which option works best for your property, you can always contact us at Framework First for a property analysis, or jump right into a feasibility study – the first step to building your ADU.
About Framework First
Framework First is a construction company that specialized in ADU, and has over 38 years of construction experience. We strive to change the lives of homeowners, one ADU at a time.
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Written by: Cathy Canales
Cathy Canales is a co-founder of Framework First, host of the Framework First Podcast, and is the author behind the Framework First books and workbooks.
- February 8, 2022
- 8:27 pm
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