Privacy is a premium in most households, particularly if you are sharing living space with a big family or an extended family member. One popular way to create a residence within a residence is to add on a mother-in-law suite.
A mother-in-law suite is a separate living space within or near your home that is comfortably and conveniently close (but not too close!). Most mother-in-law suites typically contain a bedroom and a bathroom, while some even have separate entrances, their own kitchens and their own living rooms. Sometimes they are located on a lower level of a home that have walk-out basements and a door to the outside. They could also be located in an attached or unattached garage, a room in the home that is not being utilized, a remodeled attic, or a free standing unit on your property, also referred to as an accessory dwelling unit (ADUs).
Stay close to an aging parent
If you want to be able to help a parent while still giving them independence, a mother-in-law suite can be a great solution. It’s a functional space for multiple generations to live together. Aging parents may also be able to provide childcare for their grandchildren, sparing working parents from skyrocketing daycare bills.
A living space for a nanny or caregiver
If you choose to hire a nanny or caregiver to take care of your children while you are at work, the nanny or caregiver can live in your mother-in-law suite.
An option for transitioning adult children
A mother-in-law suite could house an adult child who just graduated from college and is paying off loans, who is in between jobs, or who is waiting for a new house to close or be built.
A comfortable place for guests
A mother-in-law suite can be used for out-of-town family or friends, or when that significant other accompanies your college-aged child home for the weekend.
A functional home office
If you work from home and need to separate your work environment from your home environment, a mother-in-law suite is an ideal space to set up a home office. Turn off the lights and close the door at the end of your workday and keep your main living space a work-free zone.
A private fitness center
Save money on a gym by converting your mother-in-law suite into a fitness center for a treadmill, weights or for on-demand exercise programs.
Rental income
Earn extra income by making your mother-in-law suite available to rent on airbnb or Vrbo.
If you are interested in making any type of improvement to your home or would like to discuss the value of a mother-in-law suite, contact Ed Currie and this team. As a Certified Mortgage Planner and Construction Loan Specialist, Ed Currie can help you find the loan, mortgage and refinance option that is right for you. Schedule a free consultation today! For more tips and our latest updates, check us out on Facebook, Twitter, LinkedIn or Pinterest!
