An in-law apartment also known as a mother in-law apartment is a separate dwelling on a property or is an extension of the home. These units enjoy a private entrance and include a separate bathroom, bedroom, kitchen and living room. Although generally smaller than the main residence, in-law apartments provide all the elements of a home. As these living spaces are often built after the original floor plan was conceived, spaces such as walk-out basements, garages or separate wings of a homes are converted.
If you want your in-law apartment to generate an income it’s important that you have a two family property and conform to building codes. However if the apartment is being used to allow an in-law or relative to stay with you then you can overlook these legalities. An in-law apartment has so much to offer homeowners, so if you’re looking at buying or selling a property that has an in-law apartment you may want to consider these benefits
Benefits of An In-Law Apartment
Having a separate residence on the property is a great way to increase the properties value however there are other benefits you should look into, including:
Guest Space: If you love entertaining or you have family members staying for an extended period then this unit will be a great way to manage their stay. You could also use the unit to allow traveling students to stay for a visit or help out struggling families in your community.
Rental Income: An in-law apartment that’s up to code and has the necessary paperwork can be an effective way to generate additional income That extra income can help offset mortgage, insurance and tax costs. It may also be attractive to potential buyers, since more people are making extra income through sites like AirBnB.
Elder Care and Relationship Building: The apartment can also be a way to look after elderly and frail grandparents, but still giving them adequate privacy.
Having this apartment can also be a way for families to rethink their living arrangements making the space beneficial for them. You could use the unit to allow grandparents or family members to stay on the property while helping with your child care need.
Increased Property Value: An in-law apartment is very attractive to buyers as it gives them the opportunity to generate an income from the property while staying there. It also may appeal to families with unique living arrangements or circumstances. Offering a seller a reasonable ROI (return on investment).
If you are considering buying or selling a home that includes an in-law apartment, contact an experienced real estate agent who understands the value of these spaces.
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