Portland's ADU Fever
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Formerly known as a carriage house, granny flat, mother-in-law suite or English basement, today's Accessory Dwelling Unit (ADU) is alive and thriving in Portland. Not only does it add versatility to the property in its ability to accommodate the needs of friends and family, but ADUs create significant income potential from both long-term and short-term renters.
$11,000 Building Permit Credit With nearly seven times the number of ADUs built last year compared to 2010, we owe this surge to the City of Portland's waiver of System Development Charges (worth up to $11,000 in building permit reductions). This waiver continues through July 2016 and has spurred an increasing number of home owners to segregate 200-800 square feet of their floor plan into a separate living space.
Property Owner Does Not Need to Live On-Site Portland repealed its ADU owner occupancy provision so ADUs have grown in popularity for investment properties. Multiple sets of renters under the same roof can quite easily cause a rental to pencil out as a profitable business opportunity.
Popular Websites Make Booking Short-Term Renters a Snap Instead of the income generated by a full-time renter, websites like www.airbnb.com connect home owners with travelers seeking bed and breakfast style accommodations. This allows an ADU (or even just an extra room) to function as a fun and profitable hotel alternative.
For more helpful information about creating your own ADU, check out the City of Portland's Guide.
For more information on the ADU pictured above, check out PATH Architecture, Inc.
Living in an urban area doesn't mean you can't have local honey and fresh eggs. It just means you can support a local business and maybe invite some new feathered friends into your backyard. Watch this informational video and then check out the full scoop on the birds and the bees below!
Seeking the inside scoop on all things financial, we reached out to M Realty's preferred lending partner, Guild Mortgage's Brent Lucas, to get the details on loan recasting:
When there are multiple offers on a home, contingent offers (where the offer is contingent on the sale of the buyers' current home) are weaker than traditional offers. Buyers in this situation will often raise their contingent offers by several thousand dollars to make it more attractive.
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You should not have to trek out to wine country to enjoy the tasting rooms of local wineries when we have fantastic offerings downtown. That being said, you should definitely trek out to wine country to enjoy those exquisite destinations as well. When planning your next evening festivities or weekend escape, consider the following hidden gems!
Currently featuring eight different wineries under one roof, this collective offers a diverse array of special events and movie nights. Check out their schedule and find an activity that strikes your fancy or just stop by their beautiful tasting room, crafted from wine barrels, for a taste of something wonderful.
Equipped with their own on-site restaurant, Cyril's, this urban winery is open for lunch. They also offer classes and are available for private events.
Praised by wine experts for their outstanding product, it is unique in its high-percentage whole-cluster fermentation, granting it the most intense and beautiful aromatics. Find out for yourself at their tasting room that is open seven days a week.
An offshoot of Lange winery, they are located in the same building as Red Hills Market, the ideal lunch destination for anyone day-tripping to wine country.
You're invited to join us for a fun day of racing while raising money for a great cause. Whether you fancy yourself the next Mario Andretti or just want to cruise around the beautiful park-like setting of Pat's Acres, come out and have a blast with your friends while raising money for the Children's Cancer Association! The race is a team event and open to everyone (ages 12 and above).
The race will take place at historic Pat's Acres Racing Complex on July 12th starting at 9:30 AM. Each team is assigned one of Pat's Acres awesome rental karts with up to 12 teams competing at a time. During the hour long race, teams will swap out drivers, so everyone on the team gets their turn behind the wheel.
Mortgage Rates Drive Home Affordability
"How much home can I afford?" It's among the most common questions asked by a home buyer and the starting point for nearly every home search in the country.
Lately, however, the trend has reversed. Mortgage rates have pushed past 4 percent and the answer to "how much home can I afford" has changed as well.
