ADU Financing: How to pay for an Accessory Dwelling Unit or Garage Conversion with Cameron Stephens
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- เผยแพร่เมื่อ 26 ส.ค. 2024
- 🤔 How do you finance an ADU?
➡️ Learn all the types of financing for an Accessory Dwelling Unit or Garage Conversion like HELOC and Cash Out Refinance
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Very well explained. Easy to understand.
Thanks!
Happy to hear you learned something from the video!
We live in Riverside County and are thinking about building an ADU in the next year or two. Great video, thanks for posting!
Thanks Matt! Much appreciated. Holler if you ever want to talk financing, I have some great folks I can recommend.
All these different ideas most likely apply to areas west of la cienega all the way to the beach….on the other hand if you build your adu east of Soto blvd. then it should not cost you more than $50,000 for a nice unit…you should never build a stand alone adu, an adu should be built inside an existing two car garage…and preferably you should have the money yourself or maybe even get money from the government….(state government)
Thanks for this. We want to do an ADU and addition. Have great equity built and our current interest is 2.75%. Hate to do a cash out refi with such a great rate. What loan do you recommend?
First off, yeah, no cash out refi for sure. I'd either go with builder financing or a HELOC against the equity that you have built up. If you ever want to hop on a call with a lender to chat, let me know!
My daughter would like to build a detached garage with an ADU on top. The ADU is specifically meant for my wife and I. What type of financing could I obtain to cover the cost of construction? It seems problematic since I’m not on the title of her existing property .
My wife and I plan to make the ADU our primary residence. In fact we hope to live out our lives in the unit. This is our daughter’s way of helping us.
Thank you in advance for your response.
It's a great question! Reach out to me at cameronstephensRE@gmail.com and I can see how I can help point you in the right direction.
Not great to have a new loan above 7%
If the rental income makes sense, why not? You can always refinance.
6 months to build an ADU? Maybe a whole crew working, add a year to that if your doing it DIY
In Los Angeles, I couldn't recommend anyone attempting to build an ADU by themselves! It would be very difficult to get all of the permits required to get it signed off on unless you are a VERY experienced general contractor.
Is a construction loan better than a heloc?
It all depends on your situation, and especially if you own a home currently that you can actually take a HELOC out against!
@Cameron Stephens I do own. So in this case it's better ha?
@@Sr.BarbaNegra If you have enough equity built up to do so, that's what I'd recommend.
Don’t take this advice now with the interest rates so high! I have a 3.5% on my mortgage so no way would I apply for a 7% interest rate now.
Under the right circumstances, all of this advice still holds true!