Want to build an ADU in California? What you need to know
March 22, 2022
Maybe you’re itching to own a rental unit for the extra monthly income.
Maybe you want to have space nearby for your parents to live in when they’re older, or for your kid after graduation. Maybe you’re thinking about all of the above.
Now that the permitting process for ADUs has been streamlined, experts say, the biggest hurdle for most homeowners is the cost.
Point, Hometap, Unlock and Unison are among the companies offering “shared equity” financing agreements, whose payback costs are tied to how much your house increases in value. One advantage is that these deals don’t involve monthly payments or interest in the conventional sense. One disadvantage is that they siphon off part of the wealth your home will generate over time.
This article originally appeared on the LATimes. Read the full article here.