Do you not have the money to live for yourself? Are you looking to have your beloved children close to you while raising your kids? Have you thought about the possibility of moving back to live with your parents? If yes, you’re not in the dark! Suites for mothers-in-law, nanny suites, granny apartments, or mother-in-law suites come with various names; however, they’re an excellent alternative for families with multiple generations.
You might be asking what in-law suites are precise? In their traditional sense, they’re any other house within the same place where an elderly family tenant, couple, or member can reside in privacy. It could include a separate backyard unit, a renovated basement, or an additional suite.
Whatever they get given, In-law suites are an excellent investment for families of all kinds. Here are a few reasons:
1: Costs Shared
It’s not a secret that it’s becoming difficult to buy a house due to new regulations, such as the Ottawa Stress Test. As parents live longer and their children grow older, the expense of assisted-living facilities rises. Affordable accommodation becomes scarce in urban areas. An increasing number of families and adult children want to split the cost of living together.
Multigenerational homes allow families to split costs according to what is best for their needs and budget. Mortgages can be broken or split; the water can get divided, and the internet and cable share. It’s an excellent option for families because you’re getting two houses for one price.
As prices for homes increase, they become more expensive. Furthermore, for first-time home buyers, having parents involved in purchasing your house is an excellent method to improve their credit score to secure a mortgage. In the Ottawa real estate market, in-law suites can be ideal to co-own.
2: Making Memories
Do you want to be able to spend more time with your grandkids? Are you hoping your children will build strong relationships with their grandparents? A family room within your home will provide a wealth of memories to be created through shared meals, movies, garden parties, and much more. With your loved ones close, it also provides an atmosphere of relaxation and support in busy or difficult moments.
Research shows that the interactions between children and their grandparents are beneficial for both sides. Seniors possess skills, abilities, and experience that could assist in meeting the needs of children and their growth. Children can help seniors stay away from depression and isolation.
Grandparents are caregivers, mentors, confidants, teachers, and even friends. This unique intergenerational relationship can offer both generations wisdom, knowledge, understanding, and emotional support.
3: Aging in Place
In-law suites can be the ideal solution for baby boomers who want to get smaller or stay in their own homes without moving to a retirement residence. Boomers can not only keep their individuality in a space that is their own. However, they’ll also be able to have family members nearby in case of need.
4: Flexibility
Your parents or family members aren’t ready to move into the house right now, but you’d like to be able to make that decision shortly. If so, you can use an in-law suite to reuse the space to accommodate other purposes.
In addition to the guest room, you can rent out the second room, use the apartment to accommodate visiting adult children, or use it as a short-term rental.
5: Re-Sale Value
As per Statistics Ottawa, multigenerational households are the most rapidly growing kind of family in Ottawa. Multigenerational homes, therefore, are growing all over Ottawa as more parents and their children decide to purchase shared homes.
Suppose you are the owner and decide to sell the property. Else! In that case, the chances are high that you’ll locate the perfect buyer searching for the same kind of home you’ve loved. Whether for their parents or adult children or even to lease the space to somebody.
Ottawa Home Pros offers house addition services within the Ottawa region. Allow the general contractors in Ottawa to earn your trust and business. For your next in-law suite job, call us at (613) 288-9145 or send us an email at info@ottawahomepros.com.
