CHAPTER 7: HOW STEEL-FRAME ADUS AND PRADUS HAVE BECOME A GAME-CHANGER FOR THE ELDERLY
For many who enter their golden years, retaining independence is often seen as a benchmark for how good life is. However, with the rapid growth in house prices, many first-time buyers are having to turn to their parents for help getting a foothold on the property ladder. So the passing of time brings with it a whole new set of challenges to meet and hurdles to overcome. Thanks to FrameUpNow and FRAMECAD, steel-frame affordable housing provides multiple solutions, many not previously possible, if the plot or yard your current home occupies is large enough. Let us look at five of the most common situations faced by the elderly where an ADU, also known as affordable housing, would work well and avoid your having to relocate. 1. Becoming infirm – It is wrong to assume that once your health begins to deteriorate, the only option available is to move into a nursing or care home or assisted housing with help available 24/7. Why not build an ADU for a live-in carer? It could be a totally independent unit, or it could be attached to your home with a connecting door. Not only will you add value to your home, but you will save a fortune in assisted living fees. 2. Bringing your family closer to you – Of course, you could achieve two goals with one project. You might be struggling to look after yourself and your home. Perhaps it is now too big for you to maintain. Why not build an independent ADU? Then, if your adult child has a family and they already live nearby, they could move into the main house and look after you while you keep your independence in the smaller property. A good accountant will advise you, but where estate planning is concerned, you may choose to sell the main house to your son or daughter at a reduced price (to cover the cost of the ADU) or gift the property to them as part of your legacy. 3. Boost your pension fund – It could be that most of your wealth is tied up in your home. This is quite a common situation. You could consider building an affordable home on the plot and then renting out the main house to generate a monthly income. Alternatively, if you have modest savings, an affordable steel-frame home built within the boundary of your
29
Made with FlippingBook Online newsletter maker