Invest in Single-Family Cottages with a Washington Hard Money Loan
Real estate in Seattle, Washington is at a premium, creating high competition and a lack of affordable housing options.
In response, the city has approved an environmentally-sustainable solution to help ease the housing crunch.
Local legislation now allows construction of more and larger backyard cottages. Requirements related to parking and on-site owner occupancy have also been revised.
In addition, restrictions on new single-family home construction limit larger houses based on floor area and lot size.
The new rules are intended to encourage construction of more moderately-sized homes plus accessory units – creating flexible, affordable housing options throughout the Seattle metro-area while better preserving the look and feel of single family neighborhoods.
Backyard Cottages Are a Solid Real Estate Investment
Single family cottages, now approved up to 1,000 square feet in Seattle, appeal to a broad range of residents, from young professionals just starting out to retirees ready to downsize to seniors in need of an independent living space close to family.
For real estate investors, backyard cottages present a variety of investment scenarios. You can live on site, enjoying the advantages of close proximity to a rental cottage when dealing with upkeep or emergency repairs. Or invest in and maintain a property that includes two unique rental units.
Finance Your Backyard Cottage with a Washington Hard Money Loan
If you need fast cash to renovate or upgrade a backyard cottage space, talk to our private money lending team at Gregory M. Russell. Our easy apply real estate equity loan process can get you the funding you need within two weeks. Credit is not an issue, even when traditional lenders have said no. Call 1-888-477-0444 today to learn more about our hard money loan services.