( 25-Years of Building Consulting in 2-Minutes of Reading) Enjoy✨ #1) If you're "Mildly Skilled" and hire professionals for certain parts of your ADU project, a basic 400-sq ft garage conversation into a 1-bedroom/ 1-bath should cost UNDER $50K ( Nothing too fancy) #2) If you know "Nothing" and hire someone who KNOWS how to guide you in hiring the people it's around $75K ( Not Too Fancy) #3) SUPER TIP: As a General Rule ( Contractors of all types hate this): YOU ALWAYS purchase the materials directly, Lowe's/ Home Depot/ Etc ..... Many contractors also inflate the raw materials on home owners to make even more profit...... Then you pay $400 per-day per-person that works on your projects..... It's a solid GENERAL RULE so as an owner you avoid being taken advantage of... This system works for Solar, Gates, Essentially Any House Project you can imagine..... Always separate the material from the labor: Example: Material $20K for 400-sqft garage ADU..... Then 6-weeks with 2 Guys at $400 each per day ( $800 Daily) .... 30 days of actual work days = $24,000 Labor + $18,000 Materials= $44,000 + Permits & Hiring someone to guide you through the process with knowledge should be No more than $7,000...... Grand Total= $49,000
I’m currently paying $5500 annually in property taxes. I live in the SF Valley. I’m planning on building an ADU or Garage conversation. I purchased our home in 2012 for $380K . My Question would be by pulling permits , would our home be Flagged to be Assessed And cause our property taxes to Increase ? Additional to the new addition of 500 ft.²? Thank you for your time
I bought my house in 2010 , I live in north Hollywood . I converted my garage and built additional 275 sq . Built bathroom and small room . I spent $38,000 back then . Got the permits myself . And it didn’t effected much on my property tax .
"A way to generate income"--really, IF the tenant PAYS the rent. In CA, you can have a tenant refuse to pay the rent--and milk that for months, and I know one guy who went two YEARS without one penny. And guess what? The law--well not the law, "the way things really work", were all on the side of the tenant. Elderly people beware, YOU may be making the payment.
Hi there , if i get a different address for the adu, do I still qualify for the solar panels tax credit? I believe my cpa said I would not if i get a different address, thank you.
My lot is R3 zoning lot . As it sits on the border line of R3 zoning and R1 . 75% is R3 and 25% is R1 . City told me I can built 7 apartments . And go 45 feet in hight . I live in the front house and been thinking to build 4 car garage in the backyard and built 3 apartments on top of the garage . Or do you think I should just build senior and junior ADU ? As it will be way cheaper ?
if its a rental you can defiantly file for depreciation most of my clients allow for 4% a year for 25 year but I have seen up to 10% a year in some cases.
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Thank you, useful.
I'm thinking of installing solar panels on an existing ADU. Would I be eligible for applying for solar tax credit in California for existing ADU?
( 25-Years of Building Consulting in 2-Minutes of Reading) Enjoy✨
#1) If you're "Mildly Skilled" and hire professionals for certain parts of your ADU project, a basic 400-sq ft garage conversation into a
1-bedroom/ 1-bath should cost UNDER $50K ( Nothing too fancy)
#2) If you know "Nothing" and hire someone who KNOWS how to guide you in hiring the people it's around $75K ( Not Too Fancy)
#3) SUPER TIP: As a General Rule ( Contractors of all types hate this):
YOU ALWAYS purchase the materials directly, Lowe's/ Home Depot/ Etc ..... Many contractors also inflate the raw materials on home owners to make even more profit......
Then you pay $400 per-day per-person that works on your projects..... It's a solid GENERAL RULE so as an owner you avoid being taken advantage of...
This system works for Solar, Gates, Essentially Any House Project you can imagine.....
Always separate the material from the labor:
Example: Material $20K for 400-sqft garage ADU..... Then 6-weeks with 2 Guys at $400 each per day ( $800 Daily) .... 30 days of actual work days = $24,000 Labor + $18,000 Materials= $44,000 + Permits & Hiring someone to guide you through the process with knowledge should be No more than $7,000...... Grand Total= $49,000
Hi, what if your property tax does not include the ADU as property improvement tax?
I’m currently paying $5500 annually in property taxes. I live in the SF Valley. I’m planning on building an ADU or Garage conversation. I purchased our home in 2012 for $380K . My Question would be by pulling permits , would our home be Flagged to be Assessed And cause our property taxes to
Increase ? Additional to the new addition of 500 ft.²? Thank you for your time
your home will not be flagged by the tax assessor. it will raise automatically depending on the price you put when pulling the permit for the ADU.
I bought my house in 2010 , I live in north Hollywood . I converted my garage and built additional 275 sq . Built bathroom and small room . I spent $38,000 back then . Got the permits myself . And it didn’t effected much on my property tax .
@@paramtung8264$38k…amazing 🎉
What happens if we want to add a restroom or room to the home and not adu? How will the taxes be affected?
"A way to generate income"--really, IF the tenant PAYS the rent. In CA, you can have a tenant refuse to pay the rent--and milk that for months, and I know one guy who went two YEARS without one penny. And guess what? The law--well not the law, "the way things really work", were all on the side of the tenant. Elderly people beware, YOU may be making the payment.
Hi there , if i get a different address for the adu, do I still qualify for the solar panels tax credit? I believe my cpa said I would not if i get a different address, thank you.
What if you buy a new construction and it already has an adu in it. Both are completed at the same time.
How about addressing the cancellation of Prop 58, AKA The Killer
So. How will taxes be divided if you sell your ADU, which is allowed?
My lot is R3 zoning lot . As it sits on the border line of R3 zoning and R1 . 75% is R3 and 25% is R1 . City told me I can built 7 apartments . And go 45 feet in hight . I live in the front house and been thinking to build 4 car garage in the backyard and built 3 apartments on top of the garage . Or do you think I should just build senior and junior ADU ? As it will be way cheaper ?
Are you able to direct me to any one who is familiar with Utah ADUs and the property tax issues, Regs, etc? Thanks!
Beautiful.
Thank you!
I have my design and need a contractor now. Have the permits too. Can you recommend a contractor. Thank you
How is your construction going so far ?
@@paramtung8264 it's been brutal but we have the final construction part that will be done end of July.
Quiero construir un adu. Que intereses me dan en el préstamo??
Is building an attached ADU taxed the same if we add a room extension to the main house? Is property taxes calculated the same?
property tax is assessed by the valuation of the permit.
So an attached ADU eats into the tax basis on the main home. Effective raising the taxes of that repurposed part of the main house.
Great video. Can you explain how to calculate your ADU depreciation?
if its a rental you can defiantly file for depreciation most of my clients allow for 4% a year for 25 year but I have seen up to 10% a year in some cases.
Great thx
Do you need an LLC for these tax benefits?
I just rent out the existing rooms inside my home and keep all my 💵
To each their own, good idea!
Ver interesting
FINALLY someone bringing up the important part of this deal. But I disagree with your math. 💯 disagree
What part do you disagree with?