As our parents age, we often find that we need to find the most effective way to care for them. Sometimes that means making room in our homes for them to move in. Adding an in-law suite to your home gives you the extra space for your aging parents, along with privacy for both of you.
An in-law addition can increase the value of your home and make it even more attractive to buyers when you choose to sell.
All In the Family
These days, it is common for multiple generations of families to live together in one home. This saves money for elderly family members and keeps them close. An in-law suite allows aging parents to maintain their independence and privacy, but it also gives both of you the peace of mind that they are close if they should need help.
Another advantage of an in-law suite for parents is that it allows you to delay or entirely forego an assisted living facility’s cost.
Adding square footage to your home increases the value. Finished basements and in-law apartments are two of the most desired upgrades to home buyers. Your addition’s resale value will depend upon how well it meshes with the home’s design, the construction quality, and how well it is maintained.
Keep in mind that while you may be building the addition for your parents’ needs now, eventually, you may be using the space for another purpose. Make sure you’ve created a space that is useful and attractive to buyers.
- Do you need wheelchair accessibility?
- Do you need a handicap-accessible bathroom?
- Is a full kitchen necessary, or will a kitchenette suffice?
- How much space is needed?
Think these things through before you begin construction to ensure that the new addition is usable and fits the needs of those who will live in it.
Supplement Your Income
Some homeowners have added these types of additions and used them as rental units. You could rent the addition and use the supplemental income towards your mortgage or to pay for the addition itself. A studio apartment in Rochester, NY, could provide you with an additional $800-$1500/month, depending on the location.
Whether you are adding an in-law suite to accommodate the needs of aging parents or as a rental unit or simply to upgrade your property, Quality Homes of Rochester is here for you. Contact us today to find out more.