Mother-in-law suites, also called in-law suites, are anadded living space in a home or on a property. These units can either beattached to the main home or detached and located elsewhere on the sameproperty.
The main concept of a mother-in-law suite is a separate,private living space. As such, a mother-in-law suite usually include at leastone bedroom and bathroom. A kitchen or a kitchenette can often be found in thisextra space as well.
Some of these additional living spaces can include a livingroom, laundry room, and even more than one bedroom. Several options areavailable when buying a home with a mother-in-law suite.
Purchasing a home with a mother-in-law suite provides moreoptions for homebuyers. Some of these options include:
• Space & Privacy: Mother-in-law suites can addanother space for privacy and multigenerational living. Parents, siblings,family friends, and even renters are common occupants of a home with amother-in-law suite.
• Extra Income: These units are also often used byhomeowners to provide an extra source of rental income for your home.
• Added home value: Homes with a mother-in-law suiteare a popular option for home buyers for the reasons listed above. Moreover,because this increases the square footage, usability, and features of a home,the sale price of the home is reflected in the listing price.
Because homes with an extra living space are unique, thereis a limited market for them. Therefore, when selling your home with amother-in-law suite, you can expect buyers to move quickly on your property.
When deciding whether or not to buy a home with amother-in-law suite, factors such as location, price, and ideal use need to becalculated into your overall homebuying process.
When conducting your home search, it is important toconsider aspects of your home such as:
• Use of home: will you have a family member, friend,or even renter sharing your living space? If your goal is to accommodate morethan one family living in your home, then buying a home with an additional unitcould be right for you.
• Are you ready for tenants? If the idea of rentingout the space while still maintaining your privacy, sounds appealing, aseparate unit in your home or on your property can be a great option. Make sureto calculate added costs and profits for your area of living in order to makeboth homeownership and tenancy occupants work best for your situation.
• Housing market: Buying a home with an extra spacecould help offset costs of homeownership when renting and add to your resalevalue and/or competitiveness in the home market when you decide to sell yourhome.
Above all else, it is important to meet with your lender,consult with your real estate agent, and make the best decision for you andyour family when buying a home. Information in this article is not meant to actas advice when buying or selling a home, but instead to outline some of themost popular options of buying a home with a mother-in-law suite.
If you already own your home and are in need of some extraspace, income, or flexibility, then adding an additional private unit could bea solution.
Deciding whether to build a mother-in-law suite onto yourexisting home includes the same considerations above. Some additionalconsiderations include:
• Zoning & permit regulations: Does yourneighborhood or city allow the addition of a mother-in-law suite to yourproperty? Make sure to check with your appropriate town or city office to makesure this is an option for your home or property
• Cost: Calculating the cost of adding amother-in-law suite to your home is a useful way to determine if this additionis right for you. Will you be collecting rent from the add on? Do you have aparent or friend in need of this extra living space?
• Network: Finding a trusted contractor is anessential part of any home addition or home remodel project.
When making a decision to purchase a home with amother-in-law suite, make sure that you and your family review the differentoptions to determine if this is the right fit for your homebuying process.
Homebuying is an exciting, and often stressful, process.Ensuring everyone is on the same page is the best way to move forward and findthe best house for you.
Are you ready to start looking for homes in Indiana? At Listing Leaders, you’ll findup-to-date listings, friendly agents, and additional resources for yourhomebuying process in Northern Indiana.
Written By Jennifer Dowling, Listing Leaders Realtor