Statistics

Property Improvements on the Rise

Due to home prices having increased faster than wages, homeowners right now don’t feel that they’re in a position to sell to buyers who can’t afford their homes. So instead, they’re preparing to sell in the future, with renovations, maintenance, and additions. As of October, expenditure on such investments to one’s existing home increased by 2.9% during the prior 12 months.

One particular type of addition that’s gaining popularity fast is the accessory dwelling unit, or ADU. Also called granny flats, these structures are designed to house either renters or family members on the property, but not in the main building. As a result of recent law changes, California has seen the most growth in ADUs, reaching a 54% increase from 2017 to 2018.

More: https://magazine.realtor/daily-news/2018/11/19/more-homeowners-add-adus-other-improvements

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