If you’re thinking about renovating your home to add value, an in-law suite is a great way to increase the resale value of your home and improve your living space. As you’re getting started with the process, you might be wondering how much most homeowners spend on renovations. According to Houzz, the average amount spent on renovations reached $15,000 in 2020, giving you plenty of money to pay for a fantastic first floor renovation. There’s no one definition of what constitutes an in-law suite — but in general, there’s agreement that it must have a separate entrance, bathroom, and kitchen. Read on for more information about the top reasons to consider adding an in-law suite.
1. You’ll Increase the Value of Your Home
A first floor renovation can increase the overall resale value of your home if you do it right. The larger the space, the more value the suite can add to your property. Either way, make sure your contractor knows your local zoning regulations to ensure that you don’t run afoul of the law during construction. Some communities have strict rules regarding the number of families that can live in a single structure.
2. Room for Your Parents or Adult Children
As your parents age, there might come a time when it’s too much for them to remain living on their own. At the same time, it’s understandable that both you and your parents want and need basic privacy. A first-floor renovation creating an in-law suite is often the perfect solution. If you have adult children, having space where they can live if they need to return home can be a lifesaver in uncertain economic times.
3. Long-Term Income
If you live in an area that permits you to rent out an in-law suite, you can often earn extra income. You can always get started with your first-floor renovation and rent it out for profit when you’re done to help pay for the remodel. And best of all, it’ll be right there, ready if your parents or an adult child need a place to live.
4. Great Investment
Spending thousands of dollars on a renovation can appear daunting at first, but it’s often possible to get a home equity loan at a low interest rate to help pay for the remodel. Instead of investing your money in stocks, renovating your home can provide additional lifetime rental income if your locality permits in-law suite rentals.