Understanding the InLaw 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, the ” InLaw Suite “ a term commonly used, is 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.
Types of In-law Suites
mother-in-law room, also know as the mother-in-law suite of Inlaw 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 an ad-on.
mother-in-law suite, the most common, involves adding on to an existing house. Also known as the inlaw 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 inlaw 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.
Planning for an In-law Suite
Are you and your family considering a home with an inlaw suite? If so careful planning must be taken into account. Doing this can make your purchase more enjoyable and may save you hundreds or even thousands of dollars. Our Specialist can walk you through some important aspects to consider. Such areas as to define your priorities, meeting the needs of a senior member(s), will family members share expenses or can it be used as a rental. Other areas that must be taken into account is in the understanding of the municipal requirements for in-law suites. What types of financing is available for inlaw suites. What are the benefits of a legal plan and is an estate plan necessary.
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 including but not limited to estate planning. For more information contact a specialist, at 215-470-1983.