With the high cost of Assisted Living Facilities, you’ll save tens of thousands of dollars providing living quarters for elderly parents. Also called granny flats or tiny homes, these units provide housing for older family members, enabling them to maintain autonomy while remaining within arm’s reach in case of an emergency.
Another option is to rent out your ADU for a steady stream of rental income. For Massachusetts properties, the median rent is $3,125, which means you could earn around $37,500 annually by turning your ADU into a rental unit, depending on location and unit.
Best of all, you can easily modify your prefab home if your priorities and needs change over time. Based on your local jurisdiction, you can expand your ADU by adding another bedroom or building a deck with an accessible ramp.
Not to mention, owning a custom ADU could boost your property value by 30%. ADUs are becoming an increasingly popular solution to the housing shortage in many parts of Massachusetts.