Building an ADU when interest rates are high in Montgomery County MD

Accessory Dwelling Units, ADU Use Cases, General ADU Information

Financing-an-ADU-with-high-interest-rates

Building an ADU in Montgomery County, MD can be a great way to add value to your home and generate income. However, with interest rates currently at a high level, it’s important to factor that into your decision-making process.

Here are some things to consider when building an ADU in Montgomery County MD with high interest rates:

  • The cost of construction. The average cost of building an ADU in Maryland is $200 to $300 per square foot. So, if you want to build a 1,200 square foot ADU, you can expect to spend between $240,000 and $360,000.
  • The cost of financing. Interest rates are currently at a high level, so you’ll need to factor that into your financing costs. If you can get a fixed-rate loan, that will help you lock in your interest rate for the life of the loan.
  • The potential income from the ADU. If you rent out the ADU, you can expect to generate income that will help offset the cost of construction and financing. However, you’ll need to factor in the cost of maintenance and repairs.

Overall, building an ADU in Montgomery County MD with high interest rates can be a wise investment. However, it’s important to do your research and factor in all of the costs involved before making a decision.

Here are some additional tips for building an ADU in Montgomery County MD with high interest rates:

  • Get pre-approved for a loan before you start construction. This will give you an idea of how much you can borrow and what your monthly payments will be.
  • Look for government grants or loans that can help you finance your ADU. There are a number of programs available that can help reduce the cost of construction.
  • Consider building a smaller ADU. This will reduce the cost of construction and financing.
  • Rent out the ADU for a fair market rate. This will help you offset the cost of construction and financing.

Building an ADU can be a great way to add value to your home and generate income. However, it’s important to factor in the high interest rates before making a decision. By following these tips, you can make sure that your ADU project is a success.

Learn more about UP Craftsmen’s free ADU Feasibility Study

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