Understanding the Mother-in-Law Suite:
Originally known as the Mother-In-Law Suite, it continues to evolve to fit a variety of individual family needs. There is no strict definition of this term and therefore with today’s lifestyles it’s more than just the typical old fashion Mother-In-Law suite. Today, In-Law Suites is the term commonly used, are driven by a number of reasons including and not limited to budget stress, health reasons or the love of being close and caring for a family member or members. Also, more Americans are converting their unused space to multigenerational households to share expenses or into income-producing properties to help the cost of owning a property.
Steps in Understanding and Determining an In-Law Suite:
- Define priorities
- Meeting the needs of a senior member(s),
- For family members with shared expenses or as a rental,
- Understanding municipal requirements,
- What to afford and beneficial types of financing available,
- Types of In-law suites available, is there a perference:
- mother-in-law room, also known as the mother-in-law suite or in-law suite is usually a private suite with a bedroom, bathroom and kitchenette. These rooms if not originally built with the house were a conversion of a garage, basement remodel or ad-on.
- mother-in-law suite, the most common, involves adding on to an existing house. Also known as the in-law suite it will usually contain all the basic elements of a living quarter, such as a bedroom, living room, private bath and in some cases a kitchenette and a laundry room and may include a private entrance.
- mother-in-law home is a detached in-law suite. An example is a small cottage that is erected on the property. The cottage is completely equipped with everything. This suite home may be near the main house and connected with a breeze way or covered walkway, or be constructed at a distance on the property and connected with the main house by a footpath.
- Do you have the right utilities?
- Benefits of a legal plan, know the pitfalls of no planning
- Tips to Remember
- Make Plans
* Buying a house with an in-law suite is not your typical house purchase and should not be treated as such. An in-law suite purchase requires special attention to details in specific areas of applications. For more information contact a specialist, Michaelangelo at 215-470-1983.
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