Though young people fresh out of college may be itching to move out of their parents’ home, they may be surprised to find that later down the line- after careers, children, and other life changes, living with mom and dad no longer sounds like such a bad idea! The growing real estate trend of in-law additions is the answer to families looking to consolidate their living space and expenses while still maintaining individual privacy. Read on to find out more about the benefits of adding an in-law addition to your home!
Practical Property: The Benefits of an In-Law Addition
One of the biggest advantages of adding an in-law addition to your existing home is the boost to value it will give your property overall. Recent studies of the real estate industry showed that homes with an in-law apartment were priced and were able to sell at up to 60 percent higher than other homes, making installing one a major investment in your home’s value. It’s easy to see the logic behind this: with an expanded living area, particularly one with a private entrance like an in-law apartment, your home will naturally be in higher demand and house hunters will be willing to spend more on it when it does come time for you to sell.
Up and Downsizing
The living space in your own home will be expanded with the addition of an in-law apartment, this is true, but what about your parents’ living space? Often times, aging or sick parents are not looking for more room, but less. Downsizing from a separate house to an in-law apartment can take away some of the physical and financial burdens a larger, independent property puts on your parents.
If an in-law apartment sounds like your next home improvement project, get in touch with the pros from Cossentino and Sons today! Our expert team can create a custom design that you, your parents, and future homeowners are bound to love.