A basement in-law apartment is simply a completely contained addition to your house that has its own separate entrance, kitchen and bathroom. Also known as a secondary dwelling or an in-law suite it’s named as such to characterize its ability to house another person or persons on the property without them having to inadvertently interact with the primary household occupants. There are many benefits to renovating your house to accommodate an in-law suite. Here’s a list of some of those benefits.
The initial benefit of adding an in-law suite to your property is increasing the resale value of your house. It’s estimated that the added property value will equal to slightly more than half of the cost of the renovation. Adding on to your house or renovating your basement to create a secondary dwelling not only increases the area of finished square footage but also increases the overall value of your property as a whole.
Housing For Family Members
An in-law apartment is a great way to solve housing problems for immediate family members. You can create a multi-generational home by housing aging parents or grandparents which allows ease of interaction and care while maintaining privacy. A secondary dwelling can also be used to help teenagers learn to become independent or to allow adult children to save up money before striking out on their own. The secondary dwelling is an ideal way to keep your family close, but not too close.
Generation Of Revenue
With today’s trend of short term vacation rentals via companies such as AirBnb, an in-law suite can be a great way to generate income. Having a completely contained dwelling with its own entrance gives your guests a sense of privacy while allowing you to be close enough to keep an eye on things or respond to any issues. On the other hand, the in-law suite can also be used for long term rentals which would allow a more hands-off approach when it comes to cleaning or checking in guests.
In today’s employment environment, remote working or working from home is becoming more popular. Although seemingly an ideal situation, many people have found working in coffee shops or on the kitchen table far from optimal. A secondary suite can give you a permanent working area while getting you to actually leave your home environment allowing to keep your work and home lives separate.