Home designs are capitalizing on the popularity of in-home suites. Commonly referred to as in-law suites, this home addition is now being occupied by more than one demographic. Most traditionally, an in-law suite was a place for older generations to occupy and be close to family and loved ones. However, now grandparents, boomerang kids, caretakers, and even dual-career homebuyers are seeing the potential that can come with having a segregated living space. According to a 2013 NAR study of buyers, an in-law suite was one of the rooms that buyers were willing to pay the most for, with 20 percent of buyers saying they would be willing to pay a median of $2,920 more.
In-law suites are being repurposed to meet the needs of each homeowner, but how do you know if one is right for you? Before you invest in an in-law suite, consider how you’ll be using it. Do you anticipate a relative will be moving in with you in the near future? If so, for how long? If you’re unlikely to have a relative staying with you long-term, it’s likely the cost of building an in-law suite will outweigh the benefits of having one. If you’re unsure about how long a relative might be staying, how else can you repurpose the space? If you work from home, frequently have guests, or need additional workspace, perhaps an in-law suite is a good investment.
You’ll also want to consider how else you can utilize the space for maximum value. Consider a service like Airbnb to help you recover some of the costs of building an in-law suite. Airbnb allows you to rent out extra rooms or separate suites to travelers for varying fees. If you live in a highly sought-after neighborhood or community, this could be a great way to make a small extra income.