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How Recent Property Laws in SLC Could Affect You

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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

  1. 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.

 

  1. 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.

 

  1. 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.

 

  1. 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.

 

 

4 Ways to Increase Your Home Value This Year

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Preparing to sell your home isn’t the only time to start thinking about your home’s value. If you, like 70% of American homeowners, believe that your home is your most lucrative investment, then it’s time that you make your belief a reality. The good news is that there are four renovations proven to make you the top dollars you need when selling your home.

Whether you are putting your home on the market in the next few months or you want to build equity, use these four tactics to raise the value of your home.

Finish Your Basement

Unfinished basements are a gold mine for untapped potential. Basements can substantially increase the value of your property. By finishing this space, you can add a significant amount of usable living space that is proven to add dollar signs. In fact, on average, finishing a basement will give you a return of 70 to 75% of your investment.

Even if you aren’t considering selling any time soon, you can add a rental unit to your basement. This is an excellent option for homeowners looking to lighten the load of their mortgage or increase the cash flow of the property. Then, when it comes time to sell, the new homeowners have the same benefits moving forward.

Remodel Your Kitchen

Tackling your kitchen offers the most significant return on investment. In fact, buyers often look at the kitchen first when determining whether your home is worth the asking price. Most homes on the market offer an upgraded kitchen, and if you have any chance of keeping up, it’s essential that you make yours one of them. However, you don’t always need a full-scale remodel to get a significant boost in equity. A minor kitchen can sometimes even boost your resale value more than a major one.

If you were to focus on certain aspects of your kitchen make sure that you modernize the cabinets and countertops, switch out your old appliances, update the flooring, along with the sink and faucet. These upgrades offer the biggest bang for your buck.

Update Your Look

Today, homebuyers are searching for homes that offer a modern, turn-key look. If your home’s look belongs in the last century, then it’s probably time you updated your design. The condition of your home’s interior tells buyers a lot about the price of your home. If you expect buyers to pay top dollar, then it’s important you give them the reasons to do it.

Update your home with new flooring or a fresh coat of paint. If you want to see an increased value, consider revising your floor plan. Most buyers want an open-concept floor plan. Work with a contractor to properly knock down a few walls and make your home the updated floor plan of buyers’ dreams.

Add Some Square Footage

The easiest way to see the price of your home increase is by adding square footage. Bigger homes typically have higher price tags, and that’s something buyer notice. If you add a decent-sized bedroom or an additional bathroom, you’ll bring in other buyers ready to pay the extra price. If you are not sure which addition is best, there are a few places to look.

Consider the costs of the addition versus the increased value of your home. Another aspect to look at is construction time. If you are on a time crunch, a bedroom or additional living space might be your best bet. If you have more time flexibility, consider adding a new bathroom. Bathrooms are a major draw for buyers and can often give you the increased value you desire.

If you are ready to make the best and most valuable improvements to your home, take a look at Aspire Construction’s services. Our home equity experts will work with you to find the most promising renovation for your pocketbook.