In-law additions bring Peace of mind AND increased home value
The Wall Street Journal recently called in-law apartments “the hottest home amenity” for good reason. A 2013 National Association of Realtors® survey of home buyers shows that 20 percent of buyers would be willing to pay more for a home if it had an in-law addition.
The hottest trend in housing goes by many names:
- In-law addition
- Mother-in-law apartment
- Accessory dwelling unit or ADU
- Granny flat
- Garden suite
- Carriage house
What they all have in common is the expansion of a home’s living space through renovation or by adding a separate structure to provide privacy and function for multi-generational families.
The Role of An In-Law Addition In The Modern Home
In-law additions serve a variety of purposes and individuals. Today, families are choosing to live in closer proximity for personal and economic reasons. Here are just a few functions of an accessory dwelling space:
- Aging Family Members. The most common function of an in-law apartment is to house an aging family member. This arrangement offers convenience, peace of mind, privacy and an alternative to the ever increasing and pricey senior housing.
- Boomerang Kids. An rapidly growing sector for ADUs is for “Boomerang Kids” referring to adult children returning home after college or a significant life event. An ADU can provide individual living space that supplies adult-level privacy as adult children embark on their careers post graduation.
- Extra Income. For homeowners without familial obligations, renting out accessory space is a way to earn extra income and help pay off an existing mortgage. As a result, people who cannot afford more expensive housing are drawn to in-law apartments to get a more house on a smaller budget.
- Visiting Guests. An in law addition provides additional room and privacy for visiting or live-in extended family during holidays and vacations.
An In-Law Addition Makes Solid Economic Sense
An in-law apartment can significantly increase the value of a home if it is well built. A recent study reveals that such an addition can increase the home’s value by up to 60 percent. There is also high demand for properties with in-law units as more and more families are opting for a multi-generational homes.
K & M Building and Remodeling has over 20 years of experience building in-law additions, apartments, suites, and accessory dwelling units across Connecticut. We provide superior craftsmanship on all of our projects to give our clients the homes of their dreams, on time and on budget. Check out one of our recent in-law addition projects below.
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