THE HIDDEN POTENTIAL OF IN-LAW SUITES
Consider the value of an in-law suite for parental use and resale.
How do in-law suites impact a home’s value?
It’s widely agreed that having an in-law suite increases the value of a home. Whether it’s occupied by mom or dad, or being used for a different purpose entirely, the suite adds extra square footage and provides additional space. The ability to house multiple generations under one roof or simply have room for a home office bodes well for resale.
Be aware that on occasion, some lenders may consider the in-law suite an accessory dwelling – a part of the home with the potential for renter income despite the property being zoned for single-family use.
Is there much demand for in-law suites?
Buyers are continually seeking homes with in-law suites to accommodate their family’s everchanging needs. Even if not occupied full-time, an in-law suite gives visiting family and friends their own space to unwind. It also lends flexibility, knowing that someday a parent could move in if needed.
What constitutes an in-law suite?
A section of a home is considered an in-law suite when it contains the essential elements for someone to go about their day without needing to enter or pass through the rest of the house. The standard criteria are that it has living space that can fit a bed, a kitchen or kitchenette, and a full bathroom that includes a shower.
If you are interested in looking for a property with an In-Law Suite and think it would benefit your family please reach out with any questions you may have and we can get the search started. Contact Us.