Whether you need a place your aging parents can call home or the steady stream of monthly rental income, an ADU is the housing investment with benefits for all.
If life is one thing for certain, it’s unpredictable. When health issues arise or an aging parent simply becomes unable to live alone, you might find yourself in a housing emergency—struggling to find a living arrangement for one or more family members with no time to spare. What are your options? Costly nursing home? A makeshift living space, with little privacy and zero comfort, in your own house?
There is a better solution. One that’s simple, financially savvy, and practical for everyone involved: the accessory dwelling unit (ADU), otherwise known as a “granny flat” or “in-law suite.”
An ADU is essentially an apartment connected to a single-family home. ADUs come in many forms and are highly flexible, to change with your family’s changing needs. What begins as a rental space to earn additional income can later become living quarters for your aging parents. And now, thanks to legislation passed in New Hampshire in March 2016, ADUs are more accessible than ever before.
Unfortunately, elder care is one of the biggest financial burdens for today’s modern family. Nursing homes and senior living facilities are notoriously expensive, and they often have long wait-lists for new residents—not particularly useful when time is of the essence.
Building an ADU as an extension of your existing home eliminates many of the unsavory elements of managed-care living. It gives your elderly relatives a space to live independently yet be close to the family members who love and care for them.
ADUs also make sense from a financial standpoint. Consider the numbers: The median cost of an assisted living facility in our state for 2018 is $4,675 a month. For a private room in a nursing home, it’s a staggering $11,102 a month. That’s $133,225 for just one year—plus other medical bills, not to mention the emotional toll of placing a loved one in someone else’s care.
The starting cost of one of Solid Roots Construction’s pre-designed ADU plans is $109,000. A onetime investment can provide a long-term housing solution for your loved ones…for less than the cost of a full year in a nursing home or just under two years in an assisted living facility.
Solid Roots Construction makes the ADU construction process simple and straightforward, so you can get your housing solution built and ready for move-in as quickly as possible.
Investing in an ADU is a smart financial decision, particularly if you are building one as an alternative to a nursing home or an assisted living facility. Below are the median costs of various types of long-term care in New Hampshire for 2018.
Source: Genworth Cost of Care Survey 2018, conducted by CareScout®, June 2018
Looking for a relatively low-maintenance way to earn an extra $850 to $1,800 a month? An accessory dwelling unit (ADU) is the perfect passive income stream many New Hampshire residents don’t realize is available to them. That’s right: State law says you can build additional living space on your existing property with the intention of renting it out to generate income.
Or maybe it’s time to downsize. You can build an apartment for yourself to live in while you rent out your home, the main building on your property, to tenants who need the extra space. In this scenario, you could be earning closer to $1,800 to $2,400 a month in rent.
How does it work? Say you decide to invest $109,000 in adding an in-law suite to your existing home (the starting cost of Solid Roots Constructions’ Adams Suite one-bedroom ADU plan). You then rent the space out for $1,100 a month. In about 8 years, you would have recouped the costs of construction, at which point, you are earning the $1,100 of monthly rental income (that’s $13,200 a year)—for as long as you choose to keep renting it out.
Imagine how that extra cash could impact your finances: Would it cover your mortgage payment? Or go toward your kids’ or grandkids’ college funds? Maybe it makes your dream of early retirement more attainable. The best part about investing in an ADU rental property? You get to decide what you do with the earnings.
Solid Roots Construction, the premier accessory dwelling unit builders in the southern New Hampshire region, has now made this financial investment strategy even simpler for you. With 3 pre-designed plans offering a variety of layouts and an intimate knowledge of the laws governing the construction of these units, Solid Roots is streamlining the ADU building and planning process.
Serving greater Manchester, Bedford, Merrimack, Concord, Salem, Nashua, Deerfield, Candia, Auburn, Hooksett, and surrounding Southern New Hampshire areas.