The City of Claremont has become a popular destination for both homeowners and real estate investors in recent years. One of the reasons for this is the city's relaxed rules on Accessory Dwelling Units (ADUs), also known as granny flats, which have become an attractive investment option for many. As of recent, they offered a ADU Grant program to encourage homeowners to build them.
An ADU is a secondary housing unit that is built on the same lot as an existing primary residence. It can be used for a variety of purposes, including as a rental unit, a home office, or a guest house. In the past, many cities had strict rules on ADUs, making it difficult for homeowners to build them. However, the City of Claremont has made it easier for residents to build ADUs, which has made them a popular investment option in the city.
From a real estate perspective, ADUs can be a great investment option for homeowners in the City of Claremont. They can increase the value of the property and provide a source of additional income. Renting out an ADU can provide homeowners with a steady stream of rental income, which can help offset the cost of the mortgage.
More people are also finding benefit from building an ADU for multigenerational purposes. As parents age with current senior housing shortages, they can choose to live together and help with several financial factors related to aging and homeownership.
Moreover, with the increased demand for housing, the rental market in Claremont is highly competitive. Thus, building an ADU can offer homeowners a competitive edge in attracting tenants, especially as the cost of living in the city continues to rise.
However, before investing in an ADU, it is essential to be aware of the city's rules and regulations. For example, the city's guidelines require that ADUs be no more than 50% of the primary residence's square footage, with a maximum size of 1,200 square feet. Additionally, the city requires that each ADU have its own parking space.
Overall, the City of Claremont's relaxed rules on ADUs have made them a popular investment option for homeowners and real estate investors alike. ADUs can provide an excellent source of rental income and increase the overall value of a property. However, it is essential to be aware of the city's rules and regulations before investing in an ADU.
