Can you get a Loan for an ADU?
ADUs are becoming more and more popular since the pandemic, and with a larger portion of companies being remote, it’s just logical to have a remote working environment. ADUs help people focus and reduce distractions at the workplace, and if you don’t want one for work, you could have one built as a starter home. ADUs are incredibly flexible buildings, and each one can be designed in a unique fashion, helping you stay both tasteful and functional with your build. What exactly is an ADU, though, and how are they going to help you and your family in the future?
What is an ADU?
An ADU is an accessory dwelling unit that can be used for a wide variety of purposes. From a small home to a remote office environment, these small dwellings are perfect for those that need a small starter home or even a remote office environment separate from their homes. ADUs are small compact dwellings that are designed to work for you and, over time, can be adjusted to your needs and desires.
Costs of an ADU
ADUs can be a little on the costly side, with the average ADU running between 150 and 300 US dollars per square foot once it’s finished. This can be out of some people’s price range, but don’t fret; there are other ways to afford an ADU without having to pull the money straight from their own pockets. Some people will not be able to take on the burden of paying for an ADU themselves, but thankfully there are other ways to secure financial help to be able to get an ADU financed. Can you get a loan to get started with an ADU, though, or do you have to take other paths to build your ADU?
Getting a Loan for an ADU
Getting an ADU loan is completely possible and is going to depend on a wide variety of different factors. These factors will include your credit score, the bank or credit union you decide to go through, and many more. Once you finally secure your funds, you can then start thinking about the ADU that you would like to build. Once you have a general idea of the design, you can feel free to reach out to us at Action ADU to learn more about getting started on your ADU build.
ADUs are fantastic additions to your home, even when they are your home! There are also a few different ways to be able to finance building an ADU for those that want to add one to their property. Getting a loan, borrowing from friends and family, or any other methods are all viable. Just ensure you take the total cost of the ADU into account and not the step-by-step costs of building an ADU. If you’re looking to build an ADU on your property, feel free to reach out to us today! We take pride in every ADU we build!