Within the last few decades, multigenerational households have become increasingly more common. Roughly 25% of individuals ages 55-65 have been reported to be living with their children, or other close relatives. In order to make these types of living arrangements suitable for the long-term, the “in-law” suite was created.
These suites are additions to a home that allows loved ones to live very close, while still having the same privacy as they would in their own home. They are most commonly attached to the main house, and usually include their own bathroom and kitchen, as well as a private entrance in many cases. This allows the community and support to remain while maintaining autonomy.
Additionally, they’re a wonderful investment option. While the name governs them for family purposes, many homeowners choose to use their in-law suites for renting purposes, which allows them to make extra income and run a business right in their own home. Overall, they can add tremendous value to your property. This is why they are a popular addition to many custom home builds, even if there isn’t a plan set in stone.
In terms of resale value, in-law suites and basements are the two features that buyers are most willing to spend extra for. This is important to keep in mind when considering adding one to your home, as the upfront cost can be anywhere from $10,000 to $100,000. However, renting can help homeowners to receive a bigger return on investment.
So, they’re a great investment option, but what would I use it for? Truly, the possibilities are endless! If you’re not interested in rentals, you could always use the space as a movie room, game room or workout room. They serve as fantastic guest houses for hosting people, or simply space for your children to have friends over. Even so, having an in-law suite is never a bad idea, as you never know when you might need one down the road.
If you’re in the market for a custom home, we want to encourage you to reach out and talk to us about the logistics behind adding an in-law suite that fits your budget, needs, and lifestyle. Contact us today!