Thursday, September 27 2018
Are you considering a mother-in-law suite addition to your home? Mother in-law suites, or granny flats, have become a popular home design trend that aims to create a private living space for aging parents in their adult children’s home. If your parent is considering making a move and you have the space and the budget for such a renovation, you should take the benefits of this type of investment into consideration.
1 | Quality Time with Grandparents
This benefit is HUGE. Having your parents nearby is well-worth the investment of building an in-law suite on your property. When your parents are close by, your kids can spend plenty of time getting to know their grandparents—and your parents will love getting to see the kids more often! You will also be able to strengthen your bond with your parents and reconnect with them. As your parents enter this new stage of their life, having you by their side will be a comfort to them.
2 | Increased Comfort
If your parents have a private space to call their own, they will be happier and more comfortable. Many seniors living alone and away from their children and grandchildren can become lonely and depressed—a private attached or detached in-law-suite is the perfect solution to ensure your parents are living a happy and healthy retirement. Have them help design their new space and include an open floor plan with Bi-Fold Patio Doors to allow maximum light flow and make the space feel and appear larger than it is.
3 | Increased Home Value
An in-law suite, or detached granny flat/guest house can increase the value of your home. According to Pews Research Center, a record 64 million Americans live in multigenerational households—and this number will continue to increase. As more adult Americans open their homes to their aging parents, a home containing an in-law suite is more appealing to home buyers. If parents are not ready to move in with you, this space can be used in the meantime as guest quarters or provide rental income.
4 | Save Money
Assisted living facilities and retirement communities can be pricey, and your parents may feel isolated or alone in these environments. If you bypass retirement communities or assisted living facilities and invest in a private space for your parents in your own home, you both can save a ton of money on rent and fees in the long run! Your parents may even be willing to watch your kids occasionally, saving you additional money on babysitters!
5 | Alternative Use
If your small in-law-suite or granny flat becomes vacant, this could be great living quarters for your recent college grad who just moved home. This will give them their own private space to transition from college student to young working professional. You can stay close with them while they maintain their independence as they save money and plan their next move. When they get on their feet, you may even consider charging them a small rental fee as a way to help them save money. Set it aside and return the accumulated money to them when they are ready to move out—this will provide them with a nice little reserve that they can put towards a rental deposit or down payment!