Add-on residences are a current residential real estate trend

On Behalf of | Sep 6, 2018 | Residential Real Estate

Purchasing a home in New York can certainly be intimidating from a financial standpoint. However, many homeowners have found a way to ease the burden of paying off a hefty mortgage: buy two homes instead of one. This may sound counterintuitive, but it is possible for those who take advantage of add-on residential real estate residences, also known as ADUs.

This is how ADUs work: Rather than purchasing a single home, an individual could purchase land and then build a small unit on the property while having a larger home built on the same property. Then, once the larger home has been erected, he or she can rent out the smaller home while still living in the larger home. The income from  the rental of the smaller home would essentially help the homeowner to pay off his or her mortgage.

ADUs are growing in popularity because they can help would-be homebuyers to overcome the nation’s steadily increasing home prices. In addition, they are helping to combat today’s housing shortage. ADUs do not necessarily have to be a smaller, second homes, such as guesthouses, either; they could be converted garages or even basement apartments featuring their own entrances.

Purchasing residential real estate or land for a home can admittedly be a daunting task, particularly for someone who has not gone through the process before. However, it can also be challenging for those who have done it before, as no two deals are alike. Fortunately, a savvy attorney in New York can provide the guidance needed to navigate a residential real estate deal and achieve the most personally favorable outcome possible.