As the new state fiscal year begins California residents can now benefit from a new law that makes it possible to sell an unused portion of your backyard for a profit, which gives homeowners the ability to earn income and contribute to the development of much-needed housing.
While this process is complicated, there are companies like Yardworth (www.yardsworth.com) that can assist homeowners to take full advantage of this new legislation (SB 9). The Housing Opportunity and More Efficiency (HOME) Act allows homeowners to split their lot and build single-family homes and duplexes on the newly split lot.
Currently, the law is having trouble meeting its expectations due to its overly complicated process. According to city planners, an SB 9 lot split can cost up to $75,000. The process includes application fees, local fees, surveyor costs to create a new lot map, and other filing fees.
SB 9 also allows local governments to add their own rules within the bill’s framework. This can make things more complicated, with considerations like historical areas, conservation zones, and frontage rules. According to a recent report, Los Angeles has only received 38 approved applications.
Local companies like Yardsworth (www.yardsworth.com) have launched services to help homeowners access SB 9 promised benefits. Yardsworth offers homeowners an opportunity to sell a portion of their backyard and receive a payment of up to $200,000. The company handles the entire process and covers all associated costs, allowing homeowners to walk away with their payment without hassle.
Matt Lucido, CEO of Yardsworth, said, “Yardsworth is dedicated to assisting homeowners in realizing the untapped potential of their backyard spaces while simultaneously addressing the pressing demand for permanent housing in the region. Our mission is to help homeowners tap into hundreds of thousands of dollars of their home equity – debt-free and typically tax-free – without having to sell their homes or move out of their communities.”
By participating in SB 9, homeowners can contribute to the growth and sustainability of their local community and continue to own their homes.
For more information on Los Angeles regulations, visit https://planning.lacity.org/project-review/senate-bill-9.