Is there a formula that calculates the viability for granny flats?

Is there a formula that calculates the viability for granny flats?

 

 

I'm trying to find a formula that can calculate the viability of adding Accessory Dwelling Unis, i.e. room additions, granny flats, garage apartments, etc. to a property that meets the zoning, building codes, neighborhood HOA, POA, CC&R's, etc.

 

 

 

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Comment balloon 7 commentsJohn DL Arendsen • January 24 2017 05:12PM

Comments

I am not aware of any such formulas. I would think you'd need to look at your individual neighborhoods, overall values, demand for the additions, amount to be spent and make an educated guess. Some things like this might never pencil out 100%, but that doesn't mean they don't add value and wouldn't be recouped in a sale. (By the way, whom are you calling a granny here??? Even my grandkids don't dare call me that! )

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) 11 months ago

Hi John- don't know the answer, but have you asked this in the Q&A section?  Someone there might have a suggestion. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 11 months ago

Nina Hollander  you put a smile on my face. None of my 14 grandkids dare call me Grandpa either if they wans their ice cream treats. They all call me POPPY. LOL!

Posted by John DL Arendsen, Crest Backyard Homes designer & builder of ADU's (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) 11 months ago

Actually Nina Hollander I think I've got something I've conjured up that will put it more into perspective and can be used anywhere anytime as long as they are appraised properties with comps.

Posted by John DL Arendsen, Crest Backyard Homes designer & builder of ADU's (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) 11 months ago

Yes, Kathy Streib I did post it as a Q as well and you're right I've had a bunch of very good anwers. Thanks.

Posted by John DL Arendsen, Crest Backyard Homes designer & builder of ADU's (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) 11 months ago

Interestingly enough, I have a family member contemplating a granny pod for their property.  Although your question hasn't come up, it's worth considering.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 11 months ago

I have a basic formula I'm applying on my end. I'd be happy to share it with you in a private email for you anytime Myrl Jeffcoat 

Posted by John DL Arendsen, Crest Backyard Homes designer & builder of ADU's (CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS) 11 months ago

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