Do you find yourself among those looking into the idea of a mother in-law suite . If so, it’s not surprising. According to inman, there is a growing demand for multigenerational houses … with many Boomers upgrading to accommodate an older parent or loved one, instead of downsizing.
The fact is that the in-law suite is making a big comeback. Mainly due to the rapidly growing aging Baby Boomer population. This is one way to create a positive privacy-conscious environment for you and your older loved one, while still being able to help out when help is needed.
If you’re a little skittish about taking on a home remodeling project to create this living arrangement, you’re in the right spot. You see, creating it takes a little planning (and the right professional remodeler) to make sure it not only fits with what is already in your home, but also ads value to it.
Benefits of combining households
There are obvious reasons why so many people are choosing to add on an in-law suite, such as being able to provide assistance or care to their parent when they need it, lowering monthly costs (such as rent, utilities, maintenance and others). But, there are other benefits, as well.
Would you want your parent to feel like they were being passed around and disrupting the lives of their children? Probably not. Having an in-law suite allows them to maintain a consistent lifestyle and improve their quality of life.
Of course, Boomers wishing to avoid the expenses associated with assisted living (whether for their parents or themselves) is a driver. So is wanting to maintain a lifestyle of their choosing, in the comfort of their own homes.
What about resale value?
Interestingly enough, according to the 2015 National Association of Realtors® Home Buyer and Seller Generational Trends, 13% of of all buyers purchased a multi-generational home in 2014. That’s pretty impressive and very telling of where the market is going.
In addition, a National Association of Realtors (NAR) study found 20% of home buyers would be willing to pay almost $3,000 more for an in-law suite. And, adding an in-law apartment, carriage house or even a separate unit can result in a 25%-34% increase in home value.
Planning an in-law suite
The fact is, you need a good plan to make sure your home remodeling project is a success. You have to define what your priorities are, what features you would like it to have and build in the features that will make the in-law suite functional for someone that’s older. Safety must be a weighted consideration in these decisions.
That’s where having an experienced design and build team on your side comes into play. DeVol Design.Build.Remodel can bring their experience in in-law suites and home remodeling to bear to ensure you and your loved on get the home you want, with the features you need.