Financing Resources for ADUs
Unfortunately, ADUs come with a big sticker price. But, Smart Financing Strategies, can make ADUs more affordable than anything else. Check out guides below.
1. Establish Your Preliminary Budget.
An ADU budget can range from as little as $150k to convert a garage to over $400k for a new detached ADU with all the amenities of a home.
Pro Tip - When soliciting estimates, make sure they include everything and are thorough!
2. Get pre-approved for short-term or permanent financing.
If you don’t have enough cash (like most of us) to cover an ADU, apply for a permanent ADU loan.
If you need to bridge a gap until you sell your current house, HELOCs are generally best and cheapest.
Pro Tip - Check to see if you qualify for any grant or subsidy programs.
ADU-friendly lenders
Financing is one of the biggest hurdles for homeowners wanting to build an ADU on their property. We have collected a comprehensive list of financing resources for ADU’s in Northern New England. The list includes financial institutions, grants, federal and state programs, and municipal resources.