If you are planning any home remodeling, consider adding a mother-in-law suite to the plans. The additional space that a mother-in-law suite offers can provide you with a wide variety of benefits. Before you say no to adding a mother-in-law suite on to your home, look at four of the ways you can use the extra space.
Make Room for Family Living
In this day and age, more families are combining resources and living together as an extended unit. This practice encourages the strengthening of familial ties while allowing families to pool share the expenses associated with homeownership. If your home isn't quite large enough to provide for family living, adding a mother-in-law suite is a perfect way to go. If you plan to use your mother-in-law suite for extended family, be sure to include a full bathroom. You should also include a small kitchen area for meal preparation.
Provide Space for Home Care
If you have aging parents, you need to consider their future needs. The time may come when you need to bring your parents home for their care. When that happens, you want to make sure that you have adequate space available for their needs. One way to do that is to add a mother-in-law suite to your home right now. The added space will ensure that you have a private area available when the time comes to provide live-in care for your aging parents. A mother-in-law suite will also provide space for medical equipment and home healthcare workers that might become necessary.
Adjust for Growing Kids
Your children may be young now, but, eventually, they'll be old enough to want some space of their own. That's where the mother-in-law suite comes into the picture. After you've added a mother-in-law suite to your home, you'll be able to use the space for your older children, once they're old enough to ask for some privacy. The great thing about the mother-in-law suite is that your older kids will have some privacy, and you'll still be able to monitor their activities.
Generate Additional Income
Finally, if you want to find some additional sources of revenue for when you retire, add a mother-in-law suite to your home. You'll be able to rent out the space for month-to-month tenancy or through a vacation rental service. The added space will pay for itself through the rent that you collect from your tenants.