In-law Or Accessory Apartment Can Help In Your Senior Living Options

Older retirees don't like to sell their homes - especially

, if they're single. However, generating needed income and some help with home upkeep often forces them to tap into home equity one way or another. An 'accessory apartment' (aka 'in-law suite') may be an option to consider.

The accessory apartment/in-law suite is a separate, private, living unit contained within a larger single family home. It includes a living and sleeping quarter, a kitchen, and bathroom. You can locate it downstairs, in the upstairs, over the garage - with a separate entrance to preserve it as a separate unit.

Often, you're living in a home that housed your whole family; and now you simply don't need all that room. What you do need is income to help you maintain your living or perhaps help around the house, yard or for yourself in some way.

Converting a part of your home into a self-contained apartment can give you some rental income and perhaps some other help to maintain your independence. You can choose a tenant for companionship, conversations, mowing the loan, or cleaning the house. He or she may be any age or one of your adult children or grandchildren.

Converting your house to accommodate an accessory apartment may easily pay for itself by increasing the overall value of the home or simply by the rental income it can bring in.

*Option to live at a your child's home for everyone's benefit:

If you sold your home, you might use a portion of your profit to build an 'in-law' suite at one of your children's homes. And they can decide to design your 'in-law' suite to complement and enlarge their home as they would like. It wouldn't cost them anything but may increase the value of their home. They can even charge you some rent for more income and 'tax breaks' for themselves.

Such an approach to your housing can be much cheaper than a typical 'buy down' arrangement or a reverse mortgage that leaves you still vulnerable to the 'other help' you may need to assist your independence.

Your living in an 'in-law suite' allows your children to help you maintain your independence and to easily help you out when you need that other help later. It also keeps you and them in separate and private dwellings to preserve each other's autonomy. Such an arrangement can save a fortune in premature use of a nursing home or assisted living.

Be sure to contact your local zoning authority for information about creating 'accessory apartments'. Contact your local Area Agency on Aging to see if they can help.

by: Shane Flait

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