Housing trends have recently seen a huge increase in on-property and in-home additions. While these additions can be used as a space to rent out to tenants, they are usually built to accommodate parents who return to live with their children in their old age. These “boomerang parents” find comfort in a space designed for them, while their families get to have daily contact with them. Here are the two main reasons why in-law additions are taking off in the housing market.
If you build an apartment add-on to your home, you can expect a very high return-on-investment. According to the real estate website Zillow in a survey done between 2010-2014, houses with in-law additions were priced 60% higher than houses without. In another survey, done in 2012 by PulteGroup, 32% of a survey group of 550 homeowners said that they expected their aging relatives to move in with them. The trend has always been big with Asian buyers, but now it is spreading even more in popularity with small, stand-alone in-law apartments called “casitas” being built in the Southwest and home additions called “MultiGen dwellings” gaining popularity in the Southeast. Toll Brothers, a luxury home builder based in Horsham, PA has been building entire communities designed for multiple generations.
Peace of Mind
There’s a reason that so many people are opting to build in-law additions to their own homes, rather than send their loved ones to a nursing home. In-law additions tend to be small, about 500-1000 square feet. These smaller spaces mean that there’s less to keep after than there is in your large childhood home. By being able to work with a designer, you can also make sure that your parents’ new abode is equipped with wheelchair ramps, safety bars, and that everything is on one level. If you need help caring for your aging parents, you can always hire an in-home care companion so that you don’t get overwhelmed with responsibilities. Having this set-up will give you peace of mind knowing that your parents are not lonely or uncomfortable. Your parents also benefit by getting to interact with you and your family every day. Your parents can even babysit your children, saving you money and hassle from using a daycare and providing your parents and children with those oh-so-important intergenerational family interactions. An in-law addition is a win-win situation for everyone!