In Portland, the Great Recession reached its apex in 2010. Around that time, the real estate market had collapsed in many parts of the country. While Portland was spared the worst of the crash, it was still a difficult time for many residents who had lost significant value in their most valuable financial asset. When considering the growth of ADUs in Portland, what stands out to me is that the residential real estate market for homes was declining dramatically in 2010, with no clear bottom in sight. Nonetheless, it was in 2010 that ADUs began their meteoric rise in popularity. When you want to build an ADU with a top builder, then you should look into this article.
It would be incorrect to attribute the growth of ADUs solely to the 2008 recession, but it is fair to say that ADUs began their ascent while Portland’s real estate market was still crashing. There is every reason to believe that ADUs will fare well in a downturn. In a downturn, rational actors may realise that ADUs are one of the safest places to invest their money. The sudden and dramatic economic crisis in March 2020 will have far greater economic consequences than the 2008 housing crash.
THE CLIMATE RELATIONSHIP
The Coronavirus Pandemic is medical, physical, metaphysical, unavoidable, deep, emotional, economic, frightening, and all-encompassing. It is in the Bible.
This daily series of cataclysmic news events is symbolic in that it can be interpreted as a time-limited trial run for the much larger crisis that is also imminent and unavoidable- climate change. Climate change is now looming on the horizon. Just as most of us have not yet seen the human health effects of Coronavirus, we can not yet feel the effects of climate change viscerally. When you build an ADU in your compound, you can use it as a security home in case of catastrophic incidents
I enjoy promoting ADUs because they are self-serving. They are an easy sell because ADU development is an extremely self-serving use of your money. You are investing directly in your future self when you build an ADU. If you rent one unit after you finish, you will immediately add significant extra income to your life. That income will typically be higher than the costs of additional payments for the project’s amortised construction loan.
CALL TO ACTION FOR RESIDENTS
Consider this a call to action, homeowners. Build an ADU right away. If you are a homeowner on the west coast who has been debating whether or not to build an ADU, the next 1-2 years are ideal. Send this post to any other homeowners you believe should build an ADU. It will not only be necessary to help stimulate the local economy, but it will also be a good time to get more bang for your buck overall.
As a homeowner, you need to build an ADU in your home because it comes with a lot of advantages tied to it.