What is an ADU?
Due to a national and local housing shortage, Accessory Dwelling Units (ADUs) are in demand. One major factor is the growing need for affordable housing options, and ADUs provide a relatively cost-effective way to increase housing stock. They also offer flexibility in accommodating different living arrangements, such as providing space for aging parents, adult children, or to provide rental income.
Greenwich has loosened the regulations to accommodate the growing needs for ADUs. For example, in the past, one of the occupants had to be 62 or over. Now, there is no longer any age requirement, but you must reside on the property in a home which meets the minimum lot size in the zone. It can be a newly built detached structure in the yard with kitchen and bath; or be a conversion of a basement, garage, or a pool house; or it could be an addition to the house.
For homeowners, there are some benefits to have ADU on your property:
1. Increased Property Value: Adding an ADU can potentially increase the overall value of your property.
2. Rental Income: ADUs can provide a source of rental income, helping homeowners offset mortgage costs.
3. Flexible Living Arrangements: ADUs offer flexibility for changing family needs, providing space for guests, relatives, or personal use.
4. Sustainable Living: Utilizing existing space for housing promotes sustainable urban development by maximizing land use.
The flip side can be the cost and maintenance. It can also be time consuming to maneuver the complex process from obtaining a permit to the construction or renovation. Above all, ADUs may impact the privacy of the main dwelling or neighboring properties.
As a buyer, you might consider the added value of a property if it has the potential to add an ADU.
Before pursuing an ADU, it's crucial to thoroughly research local regulations, consult with professionals, and weigh the financial and lifestyle implications.
