Advantages of a Mother-in-Law Unit
Whether you are a new homeowner, a grandparent, or just out of college, a mother-in-law unit has advantages for everyone. Here are some of the top advantages of a mother-in-law unit.
- Extra Income
- A Place for Your Adult Child
- A Place for Your Parents
- More Space for Guests
- Increase Your Home Value
Having a mother-in-law unit means that you have the ability to rent it out for income. You could use this income to help pay off your mortgage, save for retirement or a college fund, or go on vacation. No matter what it is used for, extra income can come in handy. Instead of constantly having renters in there, you could also use it as an AirBNB or VRBO rental. By doing this, you can rent it out whenever it is convenient for you, as well as make a pretty good income since you can charge nightly instead of monthly.
It’s not uncommon for children to return home after college until they find a job. The job market has been difficult for nearly a decade so it can take months or even years before a college graduate finds a job. A mother-in-law unit can provide a place for them to stay but with more privacy than a room in the main house.
As your parents get older, they are less likely to be able to do everyday tasks by themselves. Care home facilities are extremely pricey, so that is not an option for a lot of people. A mother-in-law unit can provide a close space for your parents, so you can be there quickly if anything goes wrong. It also allows for your parents to be able to join you for meals throughout the week. If your parents are still able to care for themselves, it can be helpful to have them around to help with your own children. Having an extra pair of hand when caring for children is almost always needed.
If the main house is already full with family, a mother-in-law unit can act as a guest house. This is useful for when people come to visit as they have their own space away from the main house.
Since mother-in-law units are highly desirable and can be marketed as a income builder, the value of your home would increase significantly. People are usually willing to go over their budgets if they know that they can make income off of a mother-in-law unit.
If you are looking to add a mother-in-law unit to your property be sure to check your city regulations. Fresno recently changed theirs from the lot size needing to be 10,000 square feet to 6,000 square feet.