There has been an increase in the number of homes that include in-law or second suites attached to the home. These suites can be used to allow family members to live close, or can be rented out to tenants. There are significant benefits, as well as some potential drawbacks, to buying a home with an in-law suite, whether that suite is rented out or not.
Today, we’ll be breaking down the pros and cons of this style of home to help you best decide whether this is the right style of home for you.
Pros of Homes With In-Law Suites
Increasing the Value of Your Property
By adding or purchasing an in-law suite, the home is able to provide a comfortable and separate living space when family members come to visit, or perhaps even move in. There can be a number of benefits to having family members move in, and it also can increase the value of your home significantly, and can potentially be an extra source for income.
Your home may feel too cramped or small with everyone sharing the same common spaces, whether you have guests or if you have family members living with you. By separated out an apartment space, you can be close to the people you are sharing the space with, without feeling too confined. This can allow everyone to have their own space, and optimize comfort levels.
If you choose to rent out the inlaw suite to tenants, you can have a secondary source of income to help with things like bills or mortgage payments. This income can help you pay off your mortgage faster in the long term, and can ease the burden of the price of homeownership.
Cons of Secondary Suites
With an in-law suite, whether you have family living there or tenants, you may be concerned that you may lose some privacy having others live in your home. This is a common reason why people worry about having secondary suites attached to the home. While this can be a concern, it’s important to remember to stay selective about who you choose to stay in this space.
More Space to Manage
Even if you rent the space out, it is still the homeowners responsible for all the repairs, damages and such that comes with others living in the suite. You will become a landlord for the space that can potentially become a burden when having to manage your own property and someone else's as well. This may be something you should take into consideration, or when discussing the terms of someone living in that space.
For more information on what to consider during the home buying process, download the Team Davids free Home Buyer's Guide below.