Nursing homes and Assisted Living Facilities are extremely expensive, and many families are searching for alternative solutions. Younger families are choosing to remodel their home and create an In-Law Suite for their parents or In-Laws to reside in. Having parents live within the same home as the next generation’s family is beneficial financially and emotionally. An Assisted Living facility can cost up to $10,000 per month; a hefty amount of money to be saved monthly. Not only will the family be saving money on their parents, but many times they can also save money on childcare due to the elderly family members being available to watch their children daily. Many adult children also wish to have their parents live near them so that they can make sure they are properly fed and treated well. Should anything health-related happen to their parents, the adult children would be close enough to help give them any care they may need.
Another benefit to having relatives move into an In-Law Suite within your home is the fact that you can now combine incomes and more effectively spend money. Since the parents will be cohabitating, one set of monthly bills will be eliminated and the combined income can be used to pay current bills.
Many homes do not currently have an In-Law Suite so inviting your parent to come live within your household may seem overwhelming. It is important to fully review aspects of privacy and establish rules before they start living in your home. Many times, remodeling and designing an In-Law Suite will be necessary. This may seem overwhelming financially but after calculating the amount of money that will be saved by having parents move in, it puts a new perspective on the endeavor. A benefit of creating this addition to your home is that it can be used as an In-Law Suite now and can be a place for guests to stay in the future.
If you are unsure about changing the physical design of your home to better accommodate your parents or In-Laws, take into account that adding onto your home will increase the value and could have a positive effect on your bank account, should you decide to sell it later in life. Choosing to create a separate living space, with its own entrance and amenities, will dramatically increase the value of your home. You can choose to create a space that is completely self-sufficient apart from the rest of the house. The additional suite can have its own heating and cooling system, a small personal kitchen, and a personal bathroom. Or you can choose to remodel on a smaller scale by simply incorporating an additional room and small bathroom attached. Either option you choose to go with will add significant value to your home.
If you are considering building a custom home designed to house a multi-generational family, RH Homes may be the builders for you. RH Homes are in Columbus, Ohio’s premier custom home builder, and our experienced staff is ready to answer any questions you may have. Please do not hesitate to contact us today.