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.