ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 9:23 AM|
ROY ADU COSTS (by Roy [AL]) Aug 11, 2022 9:54 AM
ROY ADU COSTS (by Robert J [CA]) Aug 11, 2022 10:21 AM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 10:30 AM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 10:37 AM
ROY ADU COSTS (by Oregon Woodsmoke [ID]) Aug 11, 2022 10:57 AM
ROY ADU COSTS (by Oregon Woodsmoke [ID]) Aug 11, 2022 10:59 AM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 11:49 AM
ROY ADU COSTS (by Roy [AL]) Aug 11, 2022 1:49 PM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 3:31 PM
ROY ADU COSTS (by Roy [AL]) Aug 11, 2022 5:24 PM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 5:59 PM
ROY ADU COSTS (by Pat [VA]) Aug 11, 2022 6:53 PM
ROY ADU COSTS (by WMH [NC]) Aug 11, 2022 7:19 PM
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ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 9:23 AM
Roy, I thought I'd pull this up out of your thread.
You asked what we spent to do an ADU. The answer of course depends, but the last one we did was soup to nuts: from framing to finishing. Ceiling, drywall, floors, kitchen, bath, etc. Nothing exterior as it was the creation of a downstairs unit.
Cost about $20K. $10k for the trades that we HAVE to use to fulfill the permit: plumbing and electrical. This time they even needed to inspect insulation, windows and the like. A couple grand for drywall, ceiling work. The rest materials and finishes. Oh and sweat equity, which is not factored into costs.
Full year gross rent will be about $17k.
We are working on another one right now, it's a stand-alone unit in a former small barn. This one will be much more, as it is larger, required having a new roof and siding and windows and doors so right away $$$$$$$. Then again, soup to nuts inside. I'm guessing this one will be in $30k+ before we're done. Gross Rent about $18k?
For someone who buys $5k houses this will give you a heart attack I'm sure. But for us, it's another full rental for $30k. --50.82.xxx.xxx
ROY ADU COSTS (by Roy [AL]) Posted on: Aug 11, 2022 9:54 AM
Thank-you for posting this. I respond more to this later on but I am pushing my own rehab crew right now. I have to go to Lowes and buy some materials for them.
Jeffrey - WMH's post here deals with a topic that is definitely worth someone banging their head over. --71.207.xxx.x
ROY ADU COSTS (by Robert J [CA]) Posted on: Aug 11, 2022 10:21 AM
The average house here in some of Los Angeles suburbs cost around $600,000. To convert a dethatched garage into a renal unit cost around $60,000. Well worth it. --47.156.xx.xx
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 10:30 AM
That's exactly my point, Robert J. These days, we only buy houses that have possible ADUs - and end up with 2 rental units for well less than two SFHs. --50.82.xxx.xxx
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 10:37 AM
Buy Roy I probably lied about the current conversion. If I were to dig out all the bills it's probably going to end up being $40k, possibly $45k.
With trailers now selling over $200k though, it's still a bargain. Solid, stick-built essentially all new unit. --50.82.xxx.xxx
ROY ADU COSTS (by Oregon Woodsmoke [ID]) Posted on: Aug 11, 2022 10:57 AM
Got a bid starting with bare ground. Costs, assorted building permits, systems development fees, utilities, ground preparation, engineering reports, $125,000, which did not include any price for the land, which was valued at $250,000..
Not fancy but would have looked nice enough to fit into the neighborhood.
And tenants think it is all the landlord's fault that rents are not cheap. --76.178.xxx.xxx
ROY ADU COSTS (by Oregon Woodsmoke [ID]) Posted on: Aug 11, 2022 10:59 AM
Plus the cost of all the required neighborhood meetings and getting the neighbors to all sign off that they had no objections. --76.178.xxx.xxx
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 11:49 AM
This one required none of that, OW. An ADU is a "By-Right" use of property if the zoning allows it, and we only buy where it does these days. Just pull the right permits, use the right contractors and have the job properly inspected.
We've also discovered that the through-wall heat pumps we use do not require permits or inspections, so one more reason not to install central in these smaller spaces. --50.82.xxx.xxx
ROY ADU COSTS (by Roy [AL]) Posted on: Aug 11, 2022 1:49 PM
Is there any difference between what you call an 'ADU' and what I call a detached 'garage apartment' located behind a 3/1 SFH? I have never heard of Accessory Dwelling Unit until you first mentioned it here.
And what does one of your ADUs rent for? My $15K (all in) garage apartment rents for $575/month.
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 3:31 PM
The one we just finished (downstairs unit, 1-bed/1-bath rents for $1425.00.
The one in the barn will probably push to $1500.
And no, I don't think there is any difference between an ADU (which is a legal term more than anything) and a "garage apartment." --50.82.xxx.xxx
ROY ADU COSTS (by Roy [AL]) Posted on: Aug 11, 2022 5:24 PM
As you know, all RE is local. However, what it is in 'your area' that causes people to pay $1,425.00 for a ONE BEDROOM /ONE BATH ADU ??? 1,425.00 would rent a nice and modern 3/2/2 house in a any Class A & B neighborhood in my neck of the woods. I can only envy you. --71.207.xxx.x
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 5:59 PM
Class A/B 3/2 would be $2250 and up, if you could even find one. Most of that quality home would be a 6-month Winter Rental that becomes an AirBnB when the season starts.
We have no housing and we are so isolated geographically that you can't even drive to find it. --50.82.xxx.xxx
ROY ADU COSTS (by Pat [VA]) Posted on: Aug 11, 2022 6:53 PM
WMH, it's amazing to me on the long drive to the beach, just how many "vacant"/abandoned homes there are along 158/168 and all of the back roads that we pass towards Elizabeth City/South Mills. I often wonder if they are abandoned because of tied up estates, sewer problems, costs of repairs needed?
There is one right before we get onto Rt. 17 that looks like it just crumbled off of it's foundation (termites)?
It makes me sad, especially in light of the acute housing shortage that we seem to have in this country now.
I feel fortunate that we found our older singlewide on a nice lot for 22,000. True, we gambled on having to get a well in there but even with that, I saw a smaller, older singlewide in not as good of a neighborhood that just went under contract in our county for 65,000. --216.126.xx.xxx
ROY ADU COSTS (by WMH [NC]) Posted on: Aug 11, 2022 7:19 PM
The vacant and crumbling homes are a disgrace and an eyesore. I don't know who owns them or what happened, unless it was just the huge increase in traffic after a 5-lane highway went in! --50.82.xxx.xxx
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