The rising costs of living today means that more and more people are choosing to age-in-place, or live out their days in their home or a family home. This is often because the cost of assisted living facilities is continuing to increase and many older people find it too difficult or expensive to live on their own. The result is that 20% of us live in multigenerational homes, or homes that include three or more generations. One way to make this living situation more comfortable is with an in-law suite.
More Than A Room
An in-law suite, sometimes called a mother-in-law suite or granny apartment, is a space within a home for older or extended family to have their own living quarters. Instead of just having a spare bedroom and using the other community parts of the house, the in-law suite includes all of the aspects of a home for them, often on a smaller scale. Most in-law suites include at least a small kitchenette if not a full kitchen, a full bathroom, sleeping space, and some relaxing or entertaining space. Many also feature their own separate entrances.
Where Do They Go?
There are many ways to add an in-law suite to your home or property. The most common is by building an addition onto the home to house the suite. Other common ways include converting a basement or a garage into a suite. If you have the space on your property, building a small guest house is another good option.
What Should You Consider?
Start by assessing the space you have and check out the local codes for your options. In some cities, even if you have the space on your property the code doesn’t permit a separate guest dwelling. You should also consider what needs your family member has and will have in the future. If they are planning to age in place, there could be future mobility issues and you’re better off building things in for them now. Finally, plan for the unit to have separate electrical and water hookups. If there is a point in the future where the space is unused for long periods, you can cut off the water and power for safety, or you could even rent it out and have your renter cover their utilities independently. If you do end up renting it out, it could even pay for itself over time.
Ready to Take the Plunge?
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We know that repairs like these are urgent matters, that is why we offer a nearly instant loan decision once you fill out our 60-second loan application! We conduct business in all 50 states* and our rates start as low as 3.99%*. We can also finance up to $150k* for your project! What are you waiting for? Contact us today!