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Dan The Real Estate Man
Dan The Real Estate Man
REALTORĀ®
(562) 618-4993
DanSellsRealEstate@gMail.Com
Century 21 Classic Estates
13217 South St.
Cerritos, CA 90703
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Is a Mother-in-Law Suite Right for You?

 

Sure, you may not have planned for your elderly parents to one day live with you and your family. What if you don't have the space? What if you can't afford to move them into a retirement or care facility? If you haven't looked into a home with a mother-in-law suite, perhaps you should take a look at a house with this add-on apartment.
 
One of the added benefits is the saving in costs of care. For elderly parents who require some care but don't require full-time help to manage their daily activities, a mother-in-law suite can help reduce expenses. Costs associated with living in a retirement community, hiring live-in care, or care in a similar facility can be enormous. 

When you add in the costs of medication, health care and other miscellaneous expenses, the total can be even higher. For many families, therefore, a home with a mother-in-law suite is a great idea.
 
Greater independence
 
A common issue with caring for elderly parents is their fear of losing independence. In a home with a mother-in-law suite, aging parents can feel independent in their own space, since most suites include a small kitchen, bathroom, living space and bedroom. This separate space, while not always a large area, offers a sense of independence and allows parents to keep their own privacy and interact with family members at their leisure without feeling like a prisoner or a burden. This also relieves some stress for family members, knowing that parents can enjoy their own activities while remaining close should any issues arise.
 
Along with independence, sharing space with other family members can also improve the quality of life for aging parents and family members. Grandparents can feel needed while spending time with their grandchildren, and family members can feel comfortable knowing that additional adults are in the home, which offers more flexibility when it comes to work schedules and other activities. 

It also helps to have some added support for parents when grandparents are available to verbally, emotionally and physically support children in the home. Grandparents are wise and knowledgeable, and they've done this before! It's an added way to bring a level of closeness among family members in the household while offering a positive influence.
 
Perfect for guests
 
Even if you don't have elderly parents or aren't ready for your parents to move in, having a separate suite is also convenient for guests. No one wants to be a burden when visiting friends or relatives. Having a separate but nearby space allows both your family and your guest to feel comfortable during a visit. Guest don't have to feel as though they are bothering or troubling anyone should they get hungry or want to make a cup of coffee. Family members can feel comfortable at home knowing their guests are located in a different area, and they can relax even though they have company.
 
So who should be purchasing these types of homes? Families that one day may have the responsibility of having to care for their parents should start thinking of what alternative options they can manage, including homes with a mother-in-law suite. With so many added benefits of having a home with an extra apartment, don't wait until it's too late. Start planning now.

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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