Adding a small, permanently-livable addition or guest house to your property for in-laws is rapidly becoming a more common occurrence for home renovations. Luxury homes in particular are seeing a spike in this trend, especially in western parts of the United States and Canada.

These dwellings offer in-laws a permanent place to stay on your property. Home owners who opt for this renovation intend to lessen their parents’ chance of dependence on medical care and get some much-needed bonding with family members during their twilight years. As an added bonus, these additions are also increasing property values and appeal in a big way.

Why In-Law Suites Are Becoming Popular

An enormous segment of the population has begun to reach retirement age at about the same time. Known in the US as “baby boomers,” this generation was born during the rapid medical and industrial advances following World War II.

This aging generation’s children have come into their own in recent years. Largely free from dependent minors or financial instability, they now have the opportunity to provide for their parents as a way to pay them back for the effort spent raising them. Furthermore, the lodging in-laws get to spend more time with the grandkids who still live at home or are returning from college.

Most people offering shelter to their parents cite the importance of being close to family members, especially if they are experiencing the onset of health problems. Living closer than “next door” means less dependence on medical assistance as they age, an important factor in maintaining an elderly family member’s health care and quality of life.

These values are particularly present in foreign buyers. Some may not even consider a property unless it has an extra house or dedicated area just for in-laws. When they take up residence in Canada, they want to be able to know that their parents can eventually join them.

A Real Estate Boon

In-law suites have quickly become an important criteria for homes. Realtors on the US west coast claim that properties with multiple dwelling units can fetch a price as much as 60 percent higher than other properties.

High-end properties are more likely to be scrutinized for their ability to house several generations. If the owner has not yet added a functional suite or guest house, the buyer may make inquiries on how much such an addition to the property will cost them. They may even pass on the property in favor of another with more potential to house their parents.

For all of these reasons, more and more home owners are experiencing a multitude of benefits from in-law suites. Our next post will offer advice on the best ways to add suites that contribute value and functionality to the home.

To learn more about ways to add value to your Burnaby Real Estate home in general, you can start by looking at our selling page.

People in the market for condominiums have the advantage of easy access to the property’s documents. These records are a treasure trove of information about the building and how its management is generally handled. Here are some of the most important documents to review when considering buying a condo.

Declaration

You can think of the condo declaration as a constitution of sorts. Within its pages are all of the rules, by-laws and stipulations for owning the condo, as well as the consequences should you lapse in your duties.

Review this document carefully to identify where your responsibilities lay and what you are permitted to do on your property. An attorney can provide you with a more in-depth interpretation should you have any confusion or pressing questions.

Master Policy

The condo association is required by law to have an insurance policy for their building. This policy may happen to cover certain aspects of individual units, or it may avoid coverage for any owner’s private property.

Review the master policy in order to determine what kind of insurance you will need to cover your property. You can sometimes avoid paying for redundant policies by being cautious in this way. It is important to know if you do not need fire damage insurance because the master policy already has that covered.

The Depreciation Report

Often known as a “reserve fund study,” these reports are a requirement of the condo association every three years. When they are performed, an expert consultant will come out to the building and inspect every single component of the common elements, specifically areas of the building used by all residents.

The consultant will calculate how long each component will last before it needs to be repaired or replaced. He or she will also outline a proposed financial plan for anticipating these costs well into the future.

A depreciation report contains a rich amount of information. If you take the time to read it, you will be able to see what state the building is in and any major costs you may be responsible for. You can also compare the condo association’s budget to the proposed financial plan in order to see how adequately-funded all of these future projects will be.

The Minutes from the Last Annual General Meeting

Once a year, the condo association will hold a meeting with all of the owners within the building. Any major problems will be discussed, and any concerns held by owners will be voiced.

Reviewing the minutes from the most recent meeting will tell you a great deal about how diplomacy is handled within that building. You will be able to see how disputes are resolved and what the common issues facing the building are.

With these documents in hand, you can have more confidence knowing that life in your condo building meets your lifestyle and expectations. To find the perfect condo for you, take a look at our Burnaby real estate listings.

A luxury home should offer more than just tempting frills; they should also be able to supply timeless benefits and hold value, regardless of trends.

When buying a luxury home, try to look past things like infinity Jacuzzi tubs and professional-quality home theaters. These four amenities will never go out of style.

Unimpeded Views and Light Travel

 Natural light is vital to the look and feel of your home, as is a clear view of the outdoors. Homes with ample natural light during the daytime have been proven to elevate your mood as well as your resale value.

In cities, you should try to have a view of a skyline rather than a single building wall. If you can see some sort of natural landscape such as hills, woods, a river or a park, this feature will be even better. Ideally, sunlight will be streaming in through your windows for the majority of the day.

Outside the city, look for a home that is not hidden by trees or landscaping. Too many trees can spell a shady, gloomy interior and extra yard maintenance. Try to find a home that has an excellent viewing distance out into mountains, woods or fields. Remember that natural scenery is not something you can add to houses with a renovation.

Windows 

Along with your surroundings, your windows dictate how much light and landscape you see. Windows are responsible for a large percentage of heating and cooling loss in most older homes.

Seek out a home that has modern insulated windows with double or triple panes. These will save you money on energy costs, especially if the house has an abundance of windows.

High Ceilings

 A home with high ceilings feels more spacious. It communicates a majestic appearance. Your ceiling height should be no less than 2.7 meters. A house with ceilings higher than four meters would benefit from architectural touches such as exposed beams or an inlaid ceiling design.

Functional Layout

 Most luxury homes are large; this does not have to mean that they are difficult to navigate. Your home’s floor plan should be practical. Look for spacious main areas and corridors that flow naturally into bedrooms and other more private areas while still keeping them separate.

If you are in the market for a luxury Burnaby real estate property with all of these features and more, we would love to help you in your search. Take a look at our buying page to see what we can do for you.