Types of Accessory Dwelling Homes
Accessory Dwelling Homes, sometimes called “Granny Flats,” are separate living areas (typically detached) on the same property as a single-family home. There are numerous benefits for in-laws, parents, and other family members.
Accessory Suite
Accessory Suites are areas within a single-family home designed to be a separate living space. This type of suite has a bedroom, dining area, and bathroom. Homes with Accessory Suites usually have two kitchens.
Appraisers find it hard to appraise these kinds of homes because they are unique. Appraisers are required to find homes that have been sold in the last 12 months that are nearby and have similar features.
If you own or are buying a single-family home with an Accessory Suite, your home may be unique in the neighborhood. You need a lender like HomePromise who can handle these kinds of loans.
We don’t require appraisers to find exactly similar homes, so we are able to approve Accessory Suite homes that other lenders may turn down.
Ancillary Suite
Homeowners often look for homes with an extra living area. Sometimes these are called Ancillary Suites. Like Accessory Suites, this type of Accessory Dwelling is desirable when family is visiting. They can also be helpful to make space available for an elderly family member who wants to live with their children on a more permanent basis. But getting a mortgage for these homes can be difficult. You need a flexible lender like HomePromise to navigate the challenges.
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