5 Reasons to Add a Mother in Law Suite

House costs have been outpacing incomes for some time now, leaving two generations in tough spots when it comes to buying homes. One group is younger adults, who as they move out of college and into marriages and children, are faced with entry-level incomes, shifting economies, and expensive homes. Another group is retirees and newly widowed, who have seen their retirements vaporize, or have seen their plans blow up with the loss of the person they hoped to settle down with for the sunset of their lives. How can adding a mother in law suite into (or on) your home be of value to you in dealing with either of those situations.

Combining Households Saves Money

Having two families together in one home can provide an incredible source of savings for both families. If the temporary resident can provide some assistance with an income, it can help offset the costs of home ownership. Electricity can be shared, heating costs and a rent of some sort can decrease a mortgage payment, or provide cash to the owner. Now it is your choice to ask for rent or to offer it for free. Understand that if you are willing to give, give freely and don’t hold their free ride over their head. Combining households can often benefit a family during a tough period in their lives.

Added Value to Your Home

If you are looking for ways to add additional value to your home, this has to be a consideration for you. The average age is creeping up in the United States, and more and more families are dealing with situations where two or more generations are forced to live together. So besides the additional square foot value increase, there is an increase in desirability. Your dollars are dollars well spent when you add area to you home that can be considered as separate quarters.

Income Maker

Two easy ways to make money come from the new suite in your home. You can rent the space out to students or use the room as an Airbnb residence. Students are always looking for a good place to stay during their sessions in college. Dorm life or sharing an apartment isn’t for everyone. If your space has a separate, private entrance and is well isolated from your house, you will have no problem renting the space out. During the seasons no student is using your apartment, renting it on Airbnb allows you to generate income on a regular basis. There are some sites online to help you with the process of preparing to host on Airbnb.

Additional Office or Studio

When the space is not being used by a renter or a guest, if you design with flexibility in mind, space can be reconfigured as an office or studio. Imagine having space to craft or paint or play music all to yourself. Good design of the space allows you to change the arrangement of the facility to many uses. The more of an open floor plan you allow yourself, the more adjustability you have to different applications.

Storage

If nothing else is gained, using the space for additional storage can be a benefit. Moving even some of the accumulated stuff you have into dry, warm storage that you do not have to rent can be worth it.

Mother in law suites aren’t just for your mother in law; they can benefit you greatly as well. Design with a lot of options in mind and you will get the most for your money.

Espana Gomez is an author of this blog. Recently she works as an interior design assistant in her town. She loves daydreaming about beautiful homes and interior decor.