More and more people are requiring multiple adults in their household these days. Whether you are looking to have a nanny close by, provide a place for your aging parents to live safely near family, or you are looking for rental income, a mother-in-law suite is a great option for these situations and many others. If you are considering building a mother-in-law suite or purchasing an existing home that has this feature, there are a few things you need to know before you decide to hand over the keys or sign on the dotted line.
- First, would you be able to handle the additional expenses? While building a mother-in-law suite would certainly cost you extra, those aren’t the only additional costs you will accrue with this type of feature. You will likely have higher utility bills and taxes as well.
- Second, do you want to be a landlord in any form? Renting out a property isn’t as easy as cashing the checks; you need to vet the tenants, keep the place in good repair, and make sure that everything is working properly while also dealing with the legal ramifications of being a landlord.
- Third, can you handle the lack of privacy? A mother-in-law suite is often built very close to the main house, which can be trying to people who might rent the space but also want their privacy from tenants or guests.
If you are considering a mother-in-law suite, make sure that you are able to go through the pros and cons with objectivity and our experts at Eden Construction before deciding to build or purchase.