An in-law suite is a group of rooms or a small apartment that may make up part of a larger home or may be a separate building. A suite may have a door that connects it to the rest of the house, or each residence may have a separate entrance. To create an in-law suite, the homeowner may build an addition, remodel a section of the house, or build or modify a separate structure.
An in-law suite can serve as a long-term residence for a homeowner’s parents or other relatives. A household worker may live in an in-law suite, or an apartment may be used for guests who come to stay for short periods of time so they and their hosts can have privacy.
Reasons to Construct an In-Law Suite
If one or both of your parents need help with daily tasks, or if you’re concerned that it might not be safe for a parent to live alone, an in-law suite may be the ideal solution. You and other relatives will be close by and able to check in and help out when needed, but you and your parents will have the privacy you crave.
An in-law suite can promote family bonding. Your children will be able to spend time with their grandparents, and your parents may be able to help with babysitting, which can save you money. Having large family dinners will be easier with everyone in the same house.
If you want to hire a nanny or housekeeper, providing housing can help you attract qualified applicants. If you like to entertain guests, having an in-law suite will let them avoid paying for a hotel.
Adding an in-law suite may significantly increase your home’s square footage and its value. A future buyer who wants to have a parent move in or who likes to host out-of-town guests may find an in-law suite appealing.
You may decide to rent out an in-law suite, either on a short- or long-term basis. That extra stream of income may allow you to quickly recoup the cost of renovations and then help you cover your mortgage and other expenses.
Downsides of an In-Law Suite
Increasing the size of your home and raising its value may increase your property taxes and homeowners insurance premiums. You will need to spend more time cleaning if you have frequent short-term guests, and you’ll need to budget more money for maintenance and repairs.
Building an in-law suite can be expensive. A home equity loan or a home equity line of credit may give you the money you need, but make sure you’ll be able to pay it back.
If you build a suite for houseguests, you should expect relatives and friends to want to visit more often, and possibly want to stay longer. Members of your immediate family may want to have guests over more frequently. If entertaining tends to stress you out, building a suite specifically intended for guests may not be a good idea.
