If you’re considering taking on a home renovation, you might be in the process of weighing your options. You may be trying to decide between adding a new kitchen, remodeling the main living space, or redoing the bathroom. Arguably, any of these home remodeling projects can improve the look and function of your home. But what about taking on all three of these jobs on a small scale? If you want a beneficial way to use a good amount of space, you might consider adding an in-law suite to your home. Let’s take a closer look at what goes into this kind of home renovation and why it’s often a smart option for many families.
What is an In-Law Suite?
Also known as a mother-in-law suite, granny flat, or accessory dwelling unit, this area of the home acts as a place where guests or residents can live independently. To that end, in-law suites will typically include sleeping quarters, a bathroom, a kitchen or kitchenette, and a main living area. In many cases, it might take up an entire floor of a home (though that’s not a requirement). Usually, an in-law suite will also have a separate entrance.
Since 20% of the entire U.S. population will be aged 65 or older by 2030, it’s no surprise that many people use in-law suites for their original purpose: to allow older parents to retain their independence by aging in place. But many homeowners will use an in-law suite for other purposes, some of which we’ll mention below.
What Kinds of Benefits Can an In-Law Suite Provide?
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- Flexibility: As we noted above, the end result of these residential renovations can serve a multitude of purposes. In addition to creating a living space for older parents who want to move in with their adult children, an in-law suite can also be an excellent option for when collegiate children return home for the summer or after graduation. It can also come in handy for when out-of-town guests come to visit, allowing relatives and friends to avoid staying in a hotel while still maintaining their privacy. Another option might be to rent out your in-law suite as an income property to help make your mortgage payments a bit less of a burden. This flexibility means that your home can grow with you as your needs change, which will ultimately allow you to get more use and enjoyment out of your property.
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- Value: Any time you add more usable square footage and desirable features during a home renovation, you’re likely going to add overall value to your property. Having an extra bathroom and a second kitchen can be a real plus for home buyers. If you’re thinking of selling your house in the future, adding an in-law suite can set your property apart and allow for a more substantial return on investment. While that’s certainly true of other home renovation projects as well, you can make your home significantly more appealing to buyers who are willing to pay top dollar for these kinds of improvements.
- Quality of Life: An important advantage that comes with this type of home renovation is your ability to provide improved care for your loved ones. If your elderly relatives are able to remain independent and receive any necessary care at home, the entire family will likely be much happier and will be able to obtain greater peace of mind. Ultimately, that means the quality of life for all residents of the household will likely improve. There’s nothing quite like the convenience that in-law suites can provide. Plus, everyone will still be able to maintain their sense of privacy when needed. When you have relatives to care for, an in-law suite can provide the best of both worlds and allow both seniors and familial caregivers to thrive.
Now that you know a bit more about this type of home renovation, you might see how it can improve both your home and your life. We’re here to help make those plans a reality. To find out additional information, please contact us today.
