There is a boom for in-law suites to be added to homeowner’s property. According to the National Association of Home Builders (NAHB), custom builders are seeing an increasing need to build homes with separate living suites. These suites are a secondary housing unit built on the same lot or attached to the homeowner’s primary residence. In recent years the In-Law Suites have become a hot commodity and continue to rise in popularity.
Who do we build in-law suites for?
Retired Parents and Grandparents
Many in-law suites are for the aging parents and grandparents who want to live in their home or children’s home, while still having their independence. Additionally, it is a more cost-effective way to look after your family member. The U.S. Department of Health and Human Services estimates that a semi-private room in a nursing home costs about $6,844 per month, on average. That’s an average of $82,128 per year!
When considering building an in-law suite you should investigate the cost of making the home handicap accessible, so as to cater multi-generational living. At K.M. Cash Remodeling we build our mother-in-law suites to cater to the aging population and ensure that handicap options are available. We use a universal design, also known as Aging in Place. Aging in Place features include wider doors, lower countertops, little to no stairs and bathroom handicap accessible.
In-law suites are not only built for the older generation, many people are building them for their adult children. According to Zillow Group Inc 2018 survey, approximately 22.5% of millennials ages 24 through 36 are living at home with their moms or both parents, up nine percentage points since 2005 and the most in any year in the last decade. In Virginia Beach millennials living with parents was 11.6% in 2005, by 2016 it hit 23.3%
These children make up a mix of different stages in their life - young professionals who want to save money, newly married couple looking to save before buying their first home or simply young adults looking to live back with their parents and want their independence.
A guest house is a great place to give your friends and/or au pair their own private apartment, while making your home feel less crowded. Guest houses provide a peaceful retreat giving them the space they need to have an enjoyable stay.
When family isn’t in town or your au-pair is on vacation, the next best thing you can do with your in-law suite is to use it as a short-term rental unit for extra income. If you live close to the beach in Norfolk or Virginia Beach you could rent it using airbnb or HomeAway. If you decide to use it as an investment make sure you understand Virginia’s taxes and rates.
Do you work from home or have your own business and need a great place to focus and escape all family distractions? A suite can provide external access, giving your employees a great place to meet and discuss your business initiatives.
Multi-generational living is so popular because it allows for a variety of living situations for family, friends and colleagues. As the country grows and the baby boomers look to retirement, in-law suites are a growing demand for many builders and renovators in Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth.
To get started, give us a call and we can chat about your goals and aspirations for your dream in-law suite.
CONTACT K.M. CASH REMODELING TODAY
Call Keith: 757-651-3285
3169 Hungarian Road
Virginia Beach, VA 23457