The concept of a mother-in-law suite has been around for decades, but it has become increasingly popular in recent years. A mother-in-law suite is a self-contained living space within the main residence – sometimes it is referred to as a granny flat or accessory dwelling unit (ADU). This type of living space can provide added convenience for family or provide additional income when rented out.
When considering a mother-in-law suite, there are several aspects to consider such as cost, legalities, and the potential for increased home value. But is it really worth it? The answer is a resounding yes! Adding a mother-in-law suite to your home has potential to significantly increase your home’s value.
Not only can it increase your home’s appeal to potential homebuyers, but you can also use it as a source of supplemental income by renting the suite out. This can make an impactful return on investment for you, the homeowner.
Options for Adding a Mother-In-Law Suite
A mother-in-law suite can be constructed in several ways. You can add an addition onto an existing home, known as an accessory dwelling unit (ADU), convert existing space within the home, such as an attic or basement, or have a separate home built as a mother-in-law suite on the same property. Depending on the requirements of the local building codes and restrictions, it may be necessary to seek a construction permit or other approvals.
These options and requirements will vary depending on the age, size, and type of existing house, in addition to the local jurisdictional requirements. The cost to construct the mother-in-law suite will also vary widely. However, any type of addition to a home can increase the value and can make for a great investment.
Benefits of a Mother-In-Law Suite
The age of intergenerational living is upon us. It’s not uncommon for adult children and parents to live together to help save money or for multigenerational households to rent out self-contained living spaces. A mother-in-law suite offers the perfect solution, giving family members privacy and convenience while allowing all to stay connected.
Another great benefit of having a mother-in-law suite is the potential for increased rental income. A well-appointed mother-in-law suite can be rented for good rate, making it a lucrative investment.
Of course, the main hope is that the potential added value of your home with a mother-in-law suite will outweigh the cost of the project.
Things to Consider Before Adding a Mother-In-Law Suite
Before making any major decisions, such as adding a mother-in-law suite to your home, there are a few things to consider. Firstly, it’s important to consider the cost of the project relative to the neighborhood. Don’t overspend on a home improvement that won’t result in a commensurate return if the home is to be resold. Additionally, it’s important to research the necessary permits that may be required for the addition. If they are required, seek out professionals who can help with the process and ensure everything is done legally and safely.
- Consider the cost of the project
- Research necessary permits
- Factor in potential rental income
- Know the local real estate market
The Bottom Line
Adding a mother-in-law suite to a home can be a great investment for homeowners. It may not only increase the value of the home, but potentially provide additional rental income. However, before taking on such a project, it’s important to weigh the cost of the project versus the potential return on investment. Be sure to factor in the added value of rental income the suite could generate and conduct research on the necessary permits for the particular project in order to reap the maximum return.