As many members of the baby-boomer generation are approaching an age where they increasingly rely on their family members for support, the housing market has adapted itself to this newfound reality. The solution comes in the form of an “in-law suite.” An In-law suite describes a small structure that is on the same property as, sometimes attached to, a single-family home. The general purpose of the in-law-suite is to provide an aging family member, or anyone else who needs somewhere to reside, can live with the privacy necessary to remain independent while still be close enough to receive support from the property owners. Most commonly, an aging relative resides in the in-law suite to ease the difficulty of providing for them while keeping them out of retirement facilities. In addition to being a good, morally responsible, idea, in-law suites are also quickly becoming a relevant sales feature.
How Much Does an In-Law Suite Cost?
Like most things, the cost of the in-law suite is directly correlated to the size of the structure, the amenities provided, and whether or not it is a stand-alone structure. In circumstances where the structure is a stand-alone structure on the property, it may cost up to $125k. In a situation where the in-law suite is an addition to an existing structure, the cost ranges from $32.7k and $63k.
How is an In-Law Suite A Sales Feature?
Given that in-law suites are becoming increasingly necessary, a smart home seller, or agent, will highlight the existence of the in-law suite when selling a home; many people require a home with that exact amenity. There has been a noticeable increase in “multigenerational living,” that is multiple generations of one family living under the same roof and this means that the demand for homes that can accommodate “multigenerational living” in an efficient manner. If your property has an additional bedroom and bathroom, it might be worth it to add measures of privacy to those rooms, and market it as an “in-law suite”; this has been shown to increase interest from potential buyers.
Are In-Law Suites Legal?
Most areas have local ordinances relating to what an in-law suite may be used for, and the amenities that can be provided with it. In order to find the ordinances governing the use of, and amenities allowed in, in-law suites, contact your local zoning office, and provide them with your block and lot number; they will inform you of the ordinances governing an in-law suite. If an in-law suite is not currently allowed for, you may qualify for a variance. There can be extreme consequences for building structures on your property without the proper permitting and approvals, so it behooves the opportunistic homeowner to know these rules prior to embarking on this process.
Other Uses for In-Law Suites
Many people may read this, and wonder why they would bother investing in an in-law suite if they do not anticipate caring for elderly relatives; at the end of the day, this add-on can serve any number of uses until it is put to its intended use: (1) Home office, (2) Guest rooms, (3) A residence for an older child who is still living at home, and (4) Rental units.
Whatever you chose to use this add-on for, the bottom line is having an in-law suite available can only increase the value of your home in today’s market. At the Chernov Team, we keep our thumb on the pulse of all things real estate and leverage that information to obtain the best outcomes for our clients. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves with the most.