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

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Home Builder with CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS 521400, 1501015, 01795582

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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is there a formula that calculates the viability for granny flats

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Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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! )

Jan 24, 2017 11:28 AM #1
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

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

Jan 24, 2017 11:33 AM #2
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

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!

Jan 24, 2017 12:02 PM #3
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

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.

Jan 24, 2017 12:03 PM #4
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

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.

Jan 24, 2017 12:04 PM #5
Rainmaker
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Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

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.

Jan 24, 2017 07:31 PM #6
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John DL Arendsen
CREST BACKYARD HOMES, ON THE LEVEL GENERAL & FACTORY BUILT HOME CONTRACTOR, TAG REAL ESTATE SALES & INVESTMENTS - Leucadia, CA
Crest Backyard Homes "ADU" dealer & Contractor

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 

Jan 24, 2017 08:06 PM #7
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