Ahh, tis’ the season, and we can see it & smell it now. A pile of sweaty underwear, dozens of stinky socks, and countless odor infused t-shirts; all sitting right at the door of the laundry room. It’s the time of year where the water bill goes up, the grocery cart appears twice as full at check out, and all of the space and freedom that you had as an empty nester becomes temporarily occupied by your beautiful, college-aged children who are now home for summer vacation. And while having your kids home means a time to catch up and enjoy some well-needed family time, thoughts & concerns regarding your child’s independence and transition into functioning adulthood may be at hand.
If you’re looking to provide an exceptional, life-learning summer for your children that will benefit the kids in the short run and yourself in the long run, we highly suggest that you look into building a granny flat on your property before summer strikes. Over the last five years, granny flats have taken over San Diego by a storm, and the way that they can benefit families and their finances has been remarkable. Granny flats provide consistent independence that your young-adult children need, and also provide you with a phenomenal piece of added value to your property at large.
Granny flats, which are also known as “accessory dwelling units” or ADUs, are great for college students for a multitude of reasons. At the core, granny flats teach young adults life’s most basic skills at a conservative starting point. From buying their own groceries to cooking their own food to washing their own clothes to cleaning their own space, granny flats show young-adults what it’s like to not have mom & dad pick up after them, all while having mom & dad right next door. Granny flats give college students a chance to pick up right where they left off during their transition into adulthood at school, and show them new versions of independence that they can’t experience on campus.
Should you decide to build a granny flat for your college-aged children, one thing that they will shortly realize into the move is that space matters. After living in the unit for just a short time, they will get to experience the value of each square foot and how it impacts the mobility of both themself and the objects in the room. The value of a space will be on full display, and this will help them mentally calculate how much they will value spending on their first apartment or home post-graduation with clarity and efficiency. It’s a win-win.
Aside from giving your children a space for their independence, a ADUs can adds significant value to your home. The housing crisis in San Diego is no joke, and as America’s finest city, it’s not exactly a subtle statement to say that a granny flat is a mega boost to property’s value– should you ever put it on the market. According to Zillow, homes in San Diego increased in value by a little over 2% from last year and then another 1% increase is projected for next year. The demand is getting higher, the values are rising, and any time that someone can buy in on an opportunity where there is growing property value with added bonuses (such as a granny flat), they take up the offer as fast as they can.
If you and your spouse plan on staying in your home for the long run, we’d like to note another honorable benefit of having a granny flat. Once the kids are officially moved out, you now have space to explore any craft you’d like. Yoga studio? Check. Art studio? Check. Private Office? Check. In addition to the personal benefits of a granny flat, we can’t forget about who the name itself embodies: granny (and grandpa too). A granny flat holds the long term benefit of housing your parents in a safe and close unit nearby. Whether they’re sick or just want to be closer to the family, granny flats are great places for grandparents to occupy once the college kids have turned into self-sufficient adults. On the east coast, units like granny flats are more commonly called in-law suites, but no matter what side of the country you’re on, granny flats help connect families in some of the most intimate ways possible. The short term use is great for the kids, and the long term use is great for the generation that raised us.
House hacking has become a wide-spread term that people in real estate have been rattling off the tip of their tongues quite often in 2019. In its simplest form, house hacking is when you rent off certain sections of your home that, in return, help pay for your mortgage. If the granny flat you have is no longer occupied by your kids, consider using it for house hacking purposes. Whether that means renting it out full-time or posting it on AirBNB to receive a premium price, there are many ways to make sure that your granny flat remains in occupancy while helping to pay it off in full.
If building a granny flat for your property sounds like something you’d be interested in, the key component is making sure that you have the right team involved. Trusting a reputable design-build firm to create and construct this unit is the valuable asset that will make it emotionally and financially worth it for years to come. Want to learn more about building an ADU for your college-aged children? Contact us today!