If you are living in Salt Lake City, there are a few ways to capitalize on your property investments. Whether you choose to upgrade your current living space or purchase a rental property, investing now can pay off dividends in the future. However, lawmakers just made it buying property in Salt Lake City that much more profitable for Utah residents.
In late 2018, the Salt Lake City Council approved an ordinance allowing mother-in-law apartments citywide. Before the law passed, the city only allowed mother-in-law apartments and other accessory dwelling units within a half-mile of a fixed transit station.
Not only are accessory dwelling units a great way to earn extra money, but it also gives homeowners extra space for their growing families. Depending on where you live in Utah, there is a unique market for your property, whether you are planning to sell, rent, or just want to prepare for the future.
No matter why you want to diversify your home, buyers and renters are continually looking for properties that stand out. If you hope to attract the right people, you need to give them a reason to watch. Fortunately, accessory dwelling units are one of the most popular home features on the market right now. But what do these changes in property law mean for residents? Let’s discuss.
SLC’s Mother-in-Law Apartment Ordinance Details
Utah is currently experiencing high demand in the housing market. As prices rise, demand increases and the average income of Utahans remains steady, and lawmakers needed to make a change. The Salt Lake City Council answered the call by approving the ordinance mentioned above allowing in-law suites throughout SLC.
Councilman Derek Kitchen told the Desert News, “This will not fix the affordable housing issue in our community, but when we have such a tight housing market, adding any units will inevitably help us bring down rent, even nominally.”
The ordinance will allow the units in all other residential zoning districts that already allow duplexes, triplexes and multi-family units as permitted uses. It will also eliminate the city’s previous cap of 25 permits per year.
Now, that we have discussed the changes, let’s look at four ways a mother-in-law suite can transform your life.
Benefits of Mother-in-Law Apartments
- Extra Room to Grow
A mother-in-law apartment also gives you the space you need to grow in the future and gives you extra convenience now. Having this additional feature in your home allows you space to expand without needing to worry, you will outgrow your home. Whether you welcome a new child, invite a family member to live with you, or need to add versatility to your income, a mother-in-law suite is a perfect solution for growth.
- Rental Income
One of the many benefits of having an in-law suite on your property is that you can rent it out. Adding a secondary residence to your property through an in-law suite, can give you a steady stream of rental income, or help you consolidate expenses by sharing your home with family members. Not only can you have permanent residents in your apartment, but new trends like Airbnb or VRBO make it possible for short-term rentals, as well.
- Added Property Value
Since a typical mother-in-law apartment includes extra square footage, bedrooms, living space, a full kitchen, and a bathroom, building one can significantly increase the value of your home. Then, when it is time for you to sell your home, your mother-in-law guest suite will most likely be one of your main selling points. In fact, adding an in-law suite can increase the monetary value of your home by as much as a third of its current value.
- Millennials Love Them
Before the Salt Lake City council made these changes, accessory dwelling units were only allowed to be built within a half-mile of a fixed transit station. This was mainly due to the need for such properties for the growing transient workforce. The younger generation is looking for housing alternatives that fit their budget and lifestyle. For many that includes rental properties such as mother-in-law apartments. These low-cost alternatives give them the perfect amount of space without breaking the bank.
Mother in Law Apartments by Aspire Construction
If you are ready to start building a mother-in-law apartment on your property, look no further than Aspire Construction. Our experienced home builders will work with you designing a home addition that fits the look, feel and needs of your family. Get in touch with our experts today to get started on your plans.