The In-Laws Are Coming!!
No, not really, well maybe they are. With the life expectancy increasing there is a huge trend of extended families living together and parents aging in place with family in the same home. There are a number of Gen X, Gen Y and Baby Boomers purchasing homes with in-law set ups so their parents can live with them. But, hold the boat, it's not just that. There are also a number of Gen Y buyers looking at purchasing a home with an in-law set up to rent out to help pay the mortgage and also to start building an investment portfolio for future retirement. That way they can start adding multiple streams of income.
The technical term for these units are Accessory dwelling units - they can also be called granny flats, mother-in-law suites, garage apartments and even tiny houses. They don't just make a great place for loved ones to stay, they can offer additional streams of income and can be a great way to start an investment portfolio.
While the upsides are many, they are only beneficial if they are legal. Most cities have regulations regarding building and renting these units so before you put an addition on your house or finish your basement with an apartment be sure you get the proper permits and check with the regulatory body in your area.
If you have any questions about purchasing a home with an in-law suite please get in touch.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
The Traczyk Team
Remax New Beginnings