Backyard Tiny Homes: Get Paid to Build One
Are you someone who has ever fantasized about having a home in your backyard? Perhaps you've considered transforming that garage into an apartment or turning the basement into an extra living space. However when reality sets in you realize that these projects can come with a price tag.
Officially known as Accessory Dwelling Units (ADUs) these small housing units are becoming popular additions, to properties. They can range in size from as 150 square feet to as spacious as 1,200 square feet.. Here's the catch. The costs associated with ADUs can be quite substantial ranging from $100,000 to an astonishing $300,000!. Thats not even taking into account the expenses for permits which can vary from $450 to $15,000 in places like California. When factoring in site preparations and potential loan challenges it's no wonder that this dream may seem out of reach for homeowners with low incomes.
However there is some news on the horizon; several states are stepping up to assist homeowners in turning this dream into a reality. They're offering grants to help cover some of these costs and promote equity while addressing housing needs. Lets delve into what's being offered;
In California homeowners have the opportunity to receive, up to $40,000 for pre construction ADU expenses. This includes covering design fees permitting costs and even soil inspections.
The available funding, for this project amounts to $50 million although the exact dates for submitting applications have yet to be determined. It is advisable to stay updated with the California Housing Finance Agency for any announcements.
In New York homeowners can receive assistance of up to $125,000 to either construct an ADU or make improvements on an existing one. To be eligible in New York City, a household of three people should earn $127,100 or less. In Syracuse and similar locations the income limit is set at $71,600 or less. The state has allocated $85 million for this program over the five years. Keep an eye on New York States Homes and Community Renewal for updates regarding funding opportunities.
Vermont residents have the opportunity to obtain, up to $50,000 towards building an ADU. Both landlords and homeowners who plan on renting out their ADUs are eligible to apply. There are requirements that need to be met such as contributing 20% of the grant funds and completing the project within 18 months. For information please refer to the Department of Housing and Community Development.
If you have been considering building an ADU but haven't made a decision yet now might be a time to take action. Additionally if you reside in any of these states mentioned above you will benefit from advantages.
Please note; The original article was sourced from Insider. Read it here.
P.S. Are you dreaming about transforming your backyard? Lets connect and discuss your ideas for homes!