Mother-In-Law Suites: Good For Family & Finances
One of the most satisfying parts of owning your own property is the freedom you have to do with it what you want. As long as you’re staying within township rules, if you can dream it — you can do it. We at Stoltzfus Structures love it when people find creative ways to get the most out of their property, and enjoy helping people do just that.
We know better than anybody that if living space or storage space is an issue for you, there are solutions! Given your property is large enough, an accessory dwelling unit (ADU) is one creative way that you can solve the problem of living space. This tried and true option has been making the rounds on the Internet lately under different catchier nicknames like “granny pods” and “mother-in-law suites.” They’re not just a Pinterest phenomenon, either — Freddie Mac estimates an 8.6% yearly increase in ADUs on properties occurred between 2009 and 2019. Should YOU be hopping on this trend?
Mother-in-law suites have been built by many homeowners for many different reasons. Probably the most famous example of this kind of structure is the “apartment” above the Cunninghams’ garage that Fonzie lived in on Happy Days. In the show, the Cunninghams decided to rent the space out and make some extra money to cover for their faltering business. However, you don’t need to be in financial trouble to make some rental income on the side. As long as you meet your township’s standards, you can move a tenant into your mother-in-law suite and start seeing some cash flow. Our garage storage sheds (especially our mega garages) all have a second-floor loft that would be fit for The Fonz!
On top of providing a rental opportunity, mother-in-law suites can also increase the value of your property. Recent research in The Appraisal Journal found that properties with an ADU added roughly 7-10% to their appraisal value. In this way, you could look at the addition of a mother-in-law suite as an investment — a no-brainer in many cases when considering the cost of the unit vs. its value add. With their popularity increasing every year by close to 10%, one wouldn’t expect this to change any time soon. This especially holds true in the post-COVID world, where many are now working from home and would like extra living space to compensate.
(Along those lines, mother-in-law suites make the perfect home office where you can go to avoid distractions and focus on your work. ANOTHER value add!)
Finally, there’s a reason the mother-in-law suite got its name. Many who have had one built on their property had family members in mind. If a relative is looking to downsize — or in need of some extra love and care in old age — moving them onto your property in an ADU is a great solution that will keep them close to home in a cost-effective fashion. This is a very common arrangement in most of the world and makes a lot of sense for both parties. Nothing beats the comfort of having Grandma or Grandpa within arm’s reach in case they need help with anything. They can even help watch the kids on a weekend night! An ADU could also be a creative way of teaching independence to your teen who is starting to feel cooped under your roof.
There are plenty of reasons why a mother-in-law suite could be just the thing your property needs. There’s a reason why more and more people every year decide to invest in one. By working with Stoltzfus Structures, you have access to insulated walls and windows, ventilation, and electrical packages that can make our sheds and garages liveable. They’re not just functional, either — our countless custom options will help you achieve your desired style, making your new in-law suite WORTH living in.
Feel free to give us a call to talk about your ideas for your project