The real estate market is constantly seeing new innovations. One idea that has gained a lot of popularity in recent years has been adding a separate living space onto a complete house. These spaces are often referred to as “mother-in-law apartments” because they are frequently occupied by the widowed or divorced mother of one of the home’s occupants.
You might have run across one of these homes on the market and wondered if it would be a good investment. Here are four ways that such a property can benefit you financially.
Savings on Repairs & Renovations
From time to time, you may be in a situation that requires you to be out of your home for several days during repairs or renovations. Often these processes are slowed by the presence of occupants in the home, adding cost to the project. Sometimes the residents go to a hotel to get out of the way. With a mother-in-law apartment, the family can simply move next door and limit their interference in the work without having to rent a room.
Young Adult Kids
Finally, a mother-in-law apartment provides a great opportunity to teach your kids about self-sufficiency without leaving them out in the cold. Once your adult children have completed their education and are in the workforce, you may worry about their ability to live independently. With the apartment, your young adult can have an independent home but always know that there is help or dinner can be next door.
Rental Opportunity
When you are on the market for a house you can search Roche Realty Group for homes with attached apartments. The most obvious opportunity presented with a mother-in-law apartment is to use it as a rental property. It is fully separate from your home but still close enough for you to collect rent, make repairs, and monitor tenant behavior. This means that you can have somebody else help pay your mortgage leaving you more of your own income to be put into savings and investments.
Resale Appeal
Any amenity that gets your attention as a buyer is likely to get someone else’s attention as well. A mother-in-law apartment can be a great add-on at sale time, something that buyers don’t see everywhere else. Properly maintained and appropriately marketed, a home with a mother-in-law apartment can reach buyers who need just such a configuration and are willing to pay for it.
New ideas in real estate are always a potential source of opportunity for buyers. A home that has been expanded to include a mother-in-law apartment has benefits as both an occupied unit and for a future sale. These helpful add-ons can yield real financial rewards for you.