In-Law Suites or basement apartments – Is this right for you?

I was called today the Frederick News Post.  The reporter was looking for information about housing trends in the area pertaining to In-Law Suites and apartment like setting in the home.  I am actually working with a few buyers that are looking for this type of layout for various reasons.  A young couple tired of paying rent want to follow the American Dream of Home Ownership.  It’s tough in Frederick for a First Time Home Buyer to find affordable housing.  So, one option we are entertaining is to locate a property that already has an In-Law suite or apartment.  This way they don’t have any additional expenses.  Some couples already share their homes with friends to offset the housing expense by renting bedrooms and sharing common areas, but this couple wants their roommate to have a seperate location.   Ideally we want a house with a finished lower level that offers a kitchenette and a bathroom.  Something like this can trim off approximately $800 from their month mortgage, but the down side is that renters aren’t steady.  The new homeowners have to have the ability to maintain the full mortgage with out the help of a renter.  (for extended amounts of time)

Now the other scenario is extended families.  We are starting to see grandparents becoming a more prominent part of the nuclear family.  While everyone loves the convenience of care providers (now that’s both ways childhood and elderly) but everyone still wants their personal space.  This also helps with the financial responsibilities.  Combining families under one roof allows the the older generation the ability to still have the freedom and don’t have to concern themself with the rising cost of property taxes and utilities.  Some of the convenience for the children, they don’t have two houses to maintain.   How many of you are in this situation?   This can be trying if you and your spouse have careers. 

These are some ideas to help you get into the next house, whether renting or need to help take care of mom.   Call you local contractor for ideas on how much it would cost you to convert your basement in to an In-Law Suite…it adds value to your home.

Have a great weekend.

photo courtesy of Jason Casey of his grandmother.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  Bob left the Frederick area to manage a resort office near Deep Creek Lake in Western Maryland. He still stays in touch with the area that he has grown to love.