Did you know? Over the last few decades, multi-generational households have become more and more common. In fact, over 25% of individuals aged 55-65 have reported to live with their children or other relatives. In order to maintain a sense of privacy for for families, what’s now known as the in-law suite was created!
Though in-law suite is the common name, these suites are any apartment-like space located within your home’s property. Depending on the location and floor plan of the home, these are sometimes built within the basement, attic or in a structure above the garage. On the contrary, some people choose to keep them completely separate from the main house, and build a guest house in the backyard. Though these suites are great for your in-laws, they’re also a great investment for a number of different reasons! They can even be rented out as a guest home or an Airbnb, allowing your family to make extra income. Additionally, if you don’t have a current permanent residence, they can provide a lavish, spacious area for occasional house guests. They’re truly a great addition to any floor plan!
What exactly does a suite look like? Most are built to resemble a mini apartment space. They can be styled after a studio apartment in one large space, or be split up into different rooms. The idea of these suites are for loved ones to be able to live close to you, while still enjoying the privacy and comfort they would experience in their own home. This means including a bedroom, living room, bathroom, a fully functional kitchen and a private entrance!
Besides the huge number of possibilities these suites offer, they also aid in increasing your home’s resale value. As a large addition/renovation, it will naturally increase the value of your home overall. Not only are you adding on another bedroom, but an additional kitchen, bathroom and common space as well. According to recent studies, in-law suites and basements are two features most buyers are willing to splurge for. While upfront costs may be high, you can rest easy knowing the value of your home is increasing significantly.
Don’t have a use for the suite yet? That’s okay! As a custom home builder, we always encourage our clients to think to the future. You want to build a home that will grow with you, and be able to handle the needs of your family as life changes overtime. Even if you don’t have a current need for the suite, you could use it as a movie, game or workout room in the meantime! Later on down the road, odds are you’ll be happy to have the extra space for family and friends to stay when the time is right.
Think an in-law suite might be for you? Contact us. Let’s discuss creating a suite that fits your home and budget!