Here in Portland, ADUs (Accessory Dwelling Units) are popping up all over. ADU's are an approved, separate living area on your own property. It can be a converted basement, a converted garage, an addition over a garage, or independant structure on your property. Not only can you benefit by adding extra monthly income as a rental, it can provide tremendous flexibility in you and your family's living situation, and add value to your property.
Example: You build an ADU on your property. For years you use it as a source of rental income to help offset your mortgage payment. When the time comes where the source of revenue may not be needed, you can use the unit for an aging family member who you'd like to have living "near" you, but maybe not "with" you. Or, it could be used as a stepping stone for a college age child to learn what rent and independance is all about, before leaving the nest for good. The options are almost endless!
The best news for Portland residents is that the City of Portland is waiving Development Impact Fees until July 2016, which can add up to a savings of $11,000!
For more information on ADU's visit, accessorydwellings.org. Also, click on the following link to view a brief video that may address many of your questions regarding these popular income sources. http://vimeo.com/87717129