MONADNOCK REGION, NH
Many real estate investors have feared buying in the Golden State as housing prices have skyrocketed. However, with 5 new laws recently going into effect, previously challenging California suburbs are now a perfect place for investors to find additional rental income. Accessory Dwelling Units (ADUs) are separate dwelling units that are on the same land as a detached home. Prior to 2020, local regulations and HOAs have prevented such units in most neighborhoods, but now a homeowner can convert once non-habitable space into a rental, despite any zoning restrictions. Owner occupancy is no longer required, HOA restrictions have been overruled, setback requirements have been eased, fees have been removed or lowered, and permitting is faster. A recent analysis concluded that the addition of an ADU (est. cost $200k - $250k) will add approximately $470k to a home’s value plus the additional monthly rental income. With these new rental-friendly laws, investors can greatly increase their ROI and find investment opportunities in areas previously unavailable. • If a property has available space, an ADU can be built, according to new law • ADUs can add $470K to home’s value + rental income • Builders offer pre-fab dwellings that can be installed in 2 weeks at a reasonable price
The Monadnock region is one of the hottest and increasingly desirable markets in the country. It is close to Boston and other large cities but provides people with space and small-town benefits. The area boasts stunning landscapes, scenic ponds, hiking trails, and Mt. Monadnock, which is the most climbed mountain in the world. This natural beauty and the recent popularity surge of work-at-home careers have contributed to an influx of younger families in search of nature while still maintaining proximity to larger cities. What is lacking in the area is enough multifamily buildings to house the families not ready to buy. A quick listing search finds large homes in the area with price per square foot as low as $108, compared to nearby Boston where most are above $1100! This is the perfect opportunity for investors to seek out larger homes or buildings and develop them into multifamily units in what will continue to be an incredibly strong market.
• Influx of younger families in search of nature and proximity to larger cities • Demand for multifamily dwellings is high, but supply is low • Opportunity to jump in early on what will continue to be a strong market
Allen Artcliff-Cronrod Managing Director, AAOA Properties Connect with Allen
Courtney Shier Agent/Realtor, Better Homes & Garden Real Estate Connect with Courtney Shier
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