If you’re considering expanding your home, the addition of an in-law apartment can offer a lot of space and opportunity for you and your family. This is definitely larger-scale remodeling project, but depending on how you want to use your home for the next several years, this investment can offer a lot of perks and ways to recoup what you spend on it.
There’s also the over-arching fact that this installation adds immense property value to your home and makes it more appealing to potential buyers. Let’s look at some of the perks of adding an in-law suite to your home.
More Usable Space
The most obvious benefit of an in-law suite is the major increase in the scope of your home. If you work from home, this will be an easy way for you to have an office space that’s both affordable and convenient. If you have clients you need to meet with, your in-law suite will provide a relaxed and yet professional atmosphere for you to conduct business in.
You can also use the extra space for storage and recreational purposes. Instead of a game room in the main section of the house, the in-law apartment will enable you to have more space dedicated purely to recreation and fun. You can also use your in-law suite for the dual purpose of recreation and business.
Guest Housing
If you find yourself frequently hosting friends and family, the in-law suite will enable you to house your guests more comfortably and for an extended period of time. Nobody will have to sleep on the couch in your house! This would also be a choice investment if your elderly relatives are moving in with you and need frequent care. The in-law suite will provide a good deal of privacy while also keeping your loved ones close. As an added benefit you won’t have to pay hotel or retirement home fees!
Selling and Renting Options
If you’re looking to move and settle in for retirement or just seeking to change properties, an in-law suite will massively increase the value and potential options for your home. This extra space adds to the price you can charge for your house, which makes up for the expense of putting in the in-law suite in the first place. Large families or multi-family households may be very interested in the home, so you’ll probably have several interested parties and the opportunities to increase rates.
If you still want to retain the property, leasing the house can offer you the chance to earn a steady income without working. With the addition of an in-law suite, you have more living space available that you can rent out to. Whether you rent individual rooms or by the separate sections of the house, you’ll be able to make far more money renting a house with an in-law suite than just a standard house. The space and general quality of the house mean that your rates can be higher too. Besides the money you’ll gain, the rent rates will likely draw established individuals who can afford to pay and will be responsible with the property. Be sure to thoroughly screen all potential property renters for their credit history and background to make sure you’re comfortable with them leasing your home.