Despite what the name suggests, a mother-in-law suite isn’t a designated space for a spouse’s mom. “Mother-in-law suite" is another way to describe an attached or detached living space that’s on the same lot as the primary residence. While the name reflects the purpose of providing housing to family, they’re not limited to just that. Though mother-in-law suites may be helpful if you’re seeking to provide housing for loved ones, they may also serve as a source of rental income. To better understand if this type of accessory dwelling unit and how it may work for you, let’s look at the types of mother-in-law suites you may encounter and key considerations for anyone exploring this option.
A mother-in-law suite, also known as a granny flat, an in-law suite or accessory dwelling unit (ADU), is a living space attached to or located on the same property as a primary residence. A house with a mother-in-law suite is often intended to provide convenient and private housing to family members as they age. Outside of this more traditional purpose, however, the space may sometimes provide housing for younger family members as they save for their own place, or to help the homeowner generate passive rental income. As mother-in-law suites come in several different forms, both attached and detached, let’s explore the various options and their unique qualities.
While all mother-in-law suites function as a separate living space for their occupants, these dwellings can take several different forms depending on the primary residence, local zoning laws and the lot’s available space. If you’re looking for mother-in-law suite ideas, these common types may be worth looking into:
Building a mother-in-law suite can potentially be a rewarding process, especially when you’re creating a living space for a loved one. Whether you’re helping a family member or looking for a way to generate rental income, there are some considerations to keep in mind while taking on this type of project, even if some of these dwelling units are easier to construct than others.
Adding a mother-in-law suite to your home has its potential perks, from helping aging family members or other loved ones to generating rental income and possibly adding value to a property. Despite these possible benefits, any construction, renovation or conversion is an undertaking with unique considerations. Doing your due diligence may help make the experience a smoother one or help you avoid a project with limited returns.
A mother-in-law suite may add value to a property, but this depends on many factors such as its location, size, the quality of construction as well as zoning or regulations. Additionally, some homebuyers may not want or need a mother-in-law suite on the property. Because of these considerations, it may help to contact a local real estate professional for a tailored assessment of your situation.
The cost of a mother-in-law suite varies depending on the type of unit, whether it’s a new construction or conversion, as well as the quality of materials, the professionals hired and local permit fees. Consulting with a real estate professional may help you demystify potential costs.
Despite its specificity, the term “mother-in-law suite” is sometimes used interchangeably with “guest house.” That said, guest houses are generally detached from a primary residence, while mother-in-law suites may be attached to it.
If you’re looking to finance a mother-in-law suite, there are several options you can explore, such as home equity loans, cash-out refinancing, construction loans or manufacturer financing. Be aware that Chase may not offer all these options.
