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How To Fund A Mother-In-Law Suite

By September 11, 2019February 6th, 2024No Comments4 min read

home remodelingWith an up-and-down economy, rising costs, and shrinking retirement funds, many adult children are looking to take care of their parents by building them a mother-in-law suite. While some home remodeling projects are straightforward and no-nonsense, a lot of care and thought needs to go into a home addition like this. Here are three things to consider when building (or remodeling) for Mom and Dad.

Decide How Much You’re Willing To Spend

The first thing you need to do is take a look at your finances. How much money are you willing to put into the space. Can you build a brand new unit, or will you be converting an existing space in your home? Are there home improvement loans that may be available to cover some of the costs?

In 2018, a Yahoo Finance article reported that a high-end addition can cost as much as $120,000, depending on a number of factors such as square feet and decor. Now, that can be as much as what it cost to buy the house in the first place. Don’t worry, though. There are a few different routes you can take here that won’t cost as much money.

Update An Existing Unit: Depending on the size of your house, there could be multiple spaces to convert into the mother-in-law suite without adding an entire new addition separate from the home. Does your home have a garage? Yahoo Finance reports that renovating a garage into a live-in suite can run approximately $20,000-$50,000. If your house has a basement, you could turn turn that into a space for $10,000-$27,000. It should be noted that these are only estimates, and that costs are subject to change based on various circumstances.

Add An Additional Room: Adding another room to an already existing house can be a great way to add space. This can give both parties their own separate space, but keep mom and dad right down the hall. Any type of home remodeling will cost money, and reports estimate that costs can run from $80 to $200 a square foot.

Adding A Detached Addition: This is a great way to not only take care of your parents, but also give them the space and privacy they might want and need. Home additions can be costly, as adding a detached addition can run you about $15,000-$20,000.

Agree On A Plan Before Starting Anything

Doing any type of home remodeling will undoubtedly cause headaches, and there’s nothing more unfortunate than running into a problem that could have easily been avoided. Make sure the information is clearly provided to all parties involved. Is this a short-term fix, or a long-term plan? Will the mother-in-law suite have its own utilities? On average, a bathroom addition can offer an 86% ROI. Will anyone be paying rent? Do any special accommodations need to be made in advance? Sitting down and ironing out all the details can help alleviate any potential stressors down the road.

Make Home Feel Like Home

There’s nothing worse than moving into a new space and being surrounded by the unfamiliar. As often as your parents (or parents-in-law) might stop by for dinner or the occasional visit, staying in a home remodeling project most likely isn’t how they saw themselves spending their golden years. Take extra care to make them feel welcome. Sit down with them and find out what might make the space, and process, more comfortable. Familiar scents, plants, and items can make the space feel more at home, and less like a pair of house guests.

Home remodeling can lead to unwanted fights, stresses, and problems, but adding or renovating a mother-in-law suite doesn’t have to be one of them. If budgeted and planned accordingly, this addition can add value to a home in more ways than one.

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