Written by Lori Auerbach, Realtor | Vanderblue Team | Higgins Group Real Estate
There’s no doubt that our country has an extremely large aging population. The Federal Administration on Aging published their predication that by 2030, there will be 72.1 million people in the United States over the age of 65. Families are now considering the needs of their aging parents as well as the expense involved in housing and care.
Many families are choosing to have their elderly relatives move into their homes as opposed to facing the increasing costs of assisted living facilities.
Would you consider selling two homes to buy one home with an in-law suite option?
There’s also another generation that is cleverly sneaking back into the family home in order to save on expenses-the Millennial. They like the comforts of the family home but also seek some form of independent living space. As a result, in many cases, the single family home is morphing into a multi-generational home at a faster pace than you might imagine.
In Fairfield County alone, the number of homes sold with in-law suite accommodations has risen from 179 in 2014 to 208 in 2016.
What makes up an in-law suite really depends on your families’ needs but here are some considerations…
- A converted space, for example over the garage or reconfigure pre-existing spaces within the home
- Square footage is not as important as the content of the space and this is where you must consider the needs of the planned occupant.
- Most in-law Suites have a separate entrance and consists of a bedroom with closets, a full bath, a living area/den and a kitchenette/kitchen
- A full kitchen with a stove is not necessary, just having a small kitchenette with a sink and refrigerator with a separate convection cooking surface will suffice.
- A small outdoor space like a deck or patio is an added bonus and often very appreciated.
- Universal Design Principles will support the long-term safety and comfort needs of those who occupy the suite: wider doorways and hallways, grab bars in bathrooms, lever handles for opening doors
Long –term benefits of having an in-law suite?
- The homeowner that desires to “age-in-place” down the road will have an in-law suite that can accommodate an in home caregiver.
- In-law suites can also be converted to a home office for a growing business
- Residential rental potential
In a 2013, a survey by the National Board of Realtors revealed that approximately 20% of buyers would be willing to pay more for a house with in-law accommodations. Even in our fast pace society, keeping family close by & independent, at any age is a growing trend and in-law suites are rising to the occasion!
If you’re considering your family’s next housing options, The Vanderblue Team markets properties throughout Fairfield County at the highest level. Through their Exclusive Sneak Preview Division (www.EspDivision.com), they offer unique options for buyers and sellers alike.
Whether buying, selling, or adding onto your existing home, our powerful network offers money-saving options to help you take the right steps towards a beautiful future!
Article written by Lori Auerbach, Realtor® | 646.734.3514
The Vanderblue Team of Higgins Group Real Estate | www.Vanderblue.com
Visit www.EspDivision.com to view our ever-growing inventory of properties not yet on MLS!