in-law suite | Move or Improve

The Need For Multi-Generational Living in One Home

Growing up, people always dream about living on their own and having full control of the household. However, maybe leaving your parent’s house isn’t all it’s cracked up to be. Research shows that multi-generational living has increased by 12% since the ‘80s, (Hines, 2020).

Let’s talk about including an in-law suite in your home. In-law suites are private areas inside or outside the home that give a separate living space for an adult to live. The space can range from just a separate bedroom and bathroom to having their own kitchen and walkout door to the outside. These mother-daughter homes are perfect for living with a parent or adult so you can have your own privacy in the house while still having the benefit of living with them.

One of the main reasons people love multi-generational living is, of course, spending time with their loved ones. This is especially convenient to have parents, siblings, etc. in the house if you have small children. Multi-generational living is a big comfort for first time parents or those with newborns because they will have extra hands on deck to take care of the child. Grandparents will get to assist with taking care of their grandchildren and be a permanent babysitter for the parent’s date nights! Having the support of family is always ideal and having them physically there helps a lot in raising children.

Multi-generational living is also a money-saver by sharing the cost of living. Since everyone is an adult, they probably mostly, if not completely can take care of themselves. This way, all the adults in the household are independent but could be sharing the cost of utilities, food, etc. Depending on the space of your in-law suite, you can even rent it out!

In-law suites that are especially separated from the main part of the home can be rented as an Airbnb for travelers. This is a great investment to add a separate in-law suite from the house while still having it on the property. It adds value to your home, and it is appealing for buyers particularly in the market these recent years because it will meet anyone’s space needs. Even if you don’t have anyone living in there anymore or never did, the functionality is unbeatable! These suites can be used as a hang out space for teens, an office, to host entertainment, and more!

Mother-daughter homes can also save you money when considering the cost of assisted living. Why put your loved ones in assisted living facilities when you can have them comfortably sharing your home? In-law suites are perfect for older adults who cannot live on their own but don’t want to live isolated in a housing facility. Older adults living in multi-generational houses have explained that they find it mentally stimulating, active, and of course more comfortable, (Cohen, 2019).

This in turn helps them stay healthy mentally and physically, and live longer while aging in place. You can add an in-law suite onto your home or surf the real estate market for one move in ready with your needs. Either way, MOVE or IMPROVE in NJ has you covered with the next steps. Call Jacki Venezio or Neil Parsons at 732.520.7737 today to learn more about an addition or MOVE.

MOVE or IMPROVE?

Do you think it’s time to IMPROVE your home?
People and families change over time. Certain needs and wants evolve. As children grow, often both they and the parents feel a need for separate spaces to watch TV, game or just hang out. That might mean a need for a great room addition or a finished basement. Families also enjoy entertaining friends which often creates a desire for a bigger, nicer kitchen and possibly an inviting outdoor living space. Families expand with additional children or other family members joining them. This might require bedroom additions, a master suite addition or an in-law suite.

Projects like these are tens of thousands of dollars. Larger projects or multiple projects often well exceed one hundred thousand dollars.

Now you must enter the following considerations:

Do we have the cash? Should we liquidate some of our assets? Should we seek a renovation loan?
Will we be over improving our home and pricing ourselves out of the neighborhood?
How long do we plan on staying here?

Faced with these questions, one should also consider whether to MOVE instead. That would mean doing all the minor repairs that the house needs and many cosmetic updates so that it will show well when listed for sale. De-cluttering and staging are almost always a suggestion of professional realtors.

While readying to sell your home, you will be seeking for possible homes to purchase that have the size and features that your family needs and desires. The fiscal math is not as simple as sell for “x” and then buy for “y.” Here are other expenses that may need to be factored into your financial equation:

Real estate fees
Lawyer fees
Closing costs
Professional services such as a home inspector and title insurance
Moving expenses
The possible need for new/more furniture and decorating

After that, there are some other unknown variables:

What are the neighbors like?

Friends for the kids?
Traffic?
Parking?

When you’re not sure which to do, you should consult with professionals. MOVE or IMPROVE in NJ is compromised of realtors and project designers that work together with families faced with these same options. The process is similar to the HGTV show “Love It or List It” only tailored to the real world where the decision needs to be made up front and not at the end of a major renovation at the end of an episode.