What Are In Law Suites?

What Are In Law Suites?

What Are In Law Suites?

In Law Suites (sometimes referred to as teen suites or secondary suites) are all similar terms describing the current trend in the housing market to facilitate the housing of loved ones. A recent housing market study indicates approximately 32% of American households are housing more than one family.

In law suites are additions or "quarters" which house loved ones such as elderly parents/grandparents, teenagers, and college students. The purpose of In Law Suites are to provide a separate space that is, also, safe and secure in your home. There are various reasons for such a need, but the need and demand for these properties are on a steady market climb.

Adding Value To Your Home

Besides saving on nursing home and assisted living costs, a room addition also adds to the resale value of the home. Depending on the area, you can generally get back the money you spent on it. Homeowners not wishing to lose their inheritance to nursing home fees may go the in law suite room addition route. Please contact our Preferred Mortgage Specialist for all information regarding purchase or refinancing costs that you may need. Knowing what scope of funds you need and can qualify for is essential.This will expedite any and all future decisions that will allow you to move forward in your plans. A separate building or a separate entrance is good for the senior and good for the rest of the family. It gives the elder privacy, dignity, a sense of belonging and a place for their beloved possessions. Best of all, the parent is close to those who love them. In Law Suites can increase the value of your home please also keep in mind the following conditions. You must take into account market conditions and construction costs to ensure that your initial investment in an in-law suite reaps a higher value for your home.

Increased Demand

According to Realtor Magazine, today's homebuyers see multigenerational living as a means of saving money. The cost savings of avoiding the services of a nursing home quickly offsets the cost of an in-law suite.

Considerations

Remodeling Magazine notes that in today's market, few buyers will pay top dollar for a home. Everybody is looking for bargains. Your in-law suite should not price you out of your local market.

Warning

Bad taste and poor design will decrease the value of your home. Avoid confusing floor plans, and make your in-law suite look like a natural extension of the original home.

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