Are you thinking about adding an in-law suite? Read this first before deciding as there are a few important points to consider!
Multigenerational living is trending up as an increased number of households are embracing cohabitation. A 2019 report revealed that 20 percent of Americans resided with two or more adult persons in a single household, in contrast to 12 percent in 1980. “The recent real estate market boom has caused a lot of would-be buyers to consider in-home in-law suites instead,” Daniel Pessin said. Before deciding if we want to add an In-Law Suite, let’s discuss what an in-law suite is.
An in-law suite is a common name for a small area attached to a home, where an older family member can enjoy some privacy. It goes by many names, including mother-in-law suites, accessory dwelling units (ADUs), secondary units, and granny flats.
In-law suite additions often have a separate area with a bathroom and can be sited in a basement or beside a garage. They are very helpful in more ways than simply providing a cozy place for nanna.
What is the appeal of an in-law suite?
Did you know that over 40{b4bcefc12455df2181e76df39629b451cb667a4cd8c434d49d760e5d97a11e88} of Americans purchasing a home are contemplating including an older person or adult child?
The main reason is cost savings of course, but it also helps family bonding as you get to spend more time with your relatives.
Alternate Uses for in-law Suites
“After the pandemic, many people quickly realized they needed a space to work from home. An in-law suite type setup could be a great way to get work done while at your house,” Daniel Pessin said.
Besides work, it could also be used for guests. Whenever out-of-town visitors are arriving, an in-law suite is the most suitable place to give them privacy. This would lead to a much more memorable experience.
Short or long-term leasing is also something to consider. Many in-law additions are well-equipped apartments, thereby making them eligible rental apartments that can generate extra money.
What to Know When Thinking about an in-Law Suite?
You need to know what to look out for when creating an in-law suite.
First, you need to know if you’re permitted by law to create an in-law suite. In some areas, zoning laws may prohibit you from adding a supporting property. Where building the suite is legal, there may be restrictions on its size and what it can contain.
“Don’t forget to consider maintenance costs when thinking about an in-law suite,” Daniel Pessin said. “You’ll need to include the cost of utilities like electricity and plumbing. That’s in addition to any structural costs that are required. Over time, repairs will be necessary. It’s dominant to be prepared for that.”
Hopefully, this article helps you consider the wide range of things to think about before deciding if an in-law suite is right for you! There are a lot of things to consider. Definitely don’t make the decision overnight. Consider who will be staying there, consider your budget, and consider what’s important to you.
