Does your home have an in-law suite? Do you feel it adds value?

[NewEnglandLady]

Another home-related question from me. Feign surprise

Many homes that D and I have viewed have in-law suites. I''m not sure how I feel about them.

I feel like maybe these appeal to a very specific buyer--a buyer who needs to care for aging parents, or maybe has a live-in au pair? Or has frequent guests who need their own apartment? Dan and I don''t have any of these needs and probably won''t over the next 5 years. All we can think when we see these suites is "possible game room" or "huge play area for the kids one day"...not that either of these things require a second kitchen!

I can see how these suites would add value to a huge home, but the homes we''ve been viewing are only 2,000 - 3,000 SF. I''m wondering if medium-sized homes with in-law suites have worse resale values. My gut is telling me yes.

So back to my question--I''m just wondering how many of you have these and actually use them?? If so, what for? And do you think it adds value?

 

[Cehrabehra]

Some areas they seem to be a regular thing, my husband I talk about when we move back to CA and how we''ll have to have a house with a casita for his parents and realistically it''s not too hard to find one... some areas out in the country have extra buildings... I think if you have a convertible room you might get the most out of it... maybe something with double doors that can act as an office or rec room otherwise so it isn''t just sitting with a rarely used bed. Just to build one I don''t know that I''d bother unless I had a use for it.

 

[violet3]

Date: 10/7/2009 4:19:50 PM
Author:NewEnglandLady
Another home-related question from me. Feign surprise

Many homes that D and I have viewed have in-law suites. I''m not sure how I feel about them.

I feel like maybe these appeal to a very specific buyer--a buyer who needs to care for aging parents, or maybe has a live-in au pair? Or has frequent guests who need their own apartment? Dan and I don''t have any of these needs and probably won''t over the next 5 years. All we can think when we see these suites is ''possible game room'' or ''huge play area for the kids one day''...not that either of these things require a second kitchen!

I can see how these suites would add value to a huge home, but the homes we''ve been viewing are only 2,000 - 3,000 SF. I''m wondering if medium-sized homes with in-law suites have worse resale values. My gut is telling me yes.

So back to my question--I''m just wondering how many of you have these and actually use them?? If so, what for? And do you think it adds value?

Hi NEL, I don''t have a house with a backhouse/in law suite. But i do sell homes for a living, and i show many of them that have in law suites and many that don''t. I live in a town where there are a number of these suites, and i''ve never heard of any customer thinking of them as a drawback. For the most part, people really like the option of having guests/family stay in a separate place when they come to visit, and they view the additional unit as a plus.

In your area, I don''t know how much value an in-law suite adds to a house, because I am not familiar with your market (Boston, yes?). But i know that where i live, they are often advertised as and considered to be a plus, and an increase in value, rather than the opposite. At least here, I would absolutely NEVER say that homes with in-law suites have worse resale value than do homes without in law suites.

Any reason why you feel that they might be less saleable later?

 

[NewEnglandLady]

Cehrabehra, that was our exact thought as well. We've talked extensively about having D's parents move in with us when the time comes, but I think we'll be on our next house by then. I know the space wouldn't go unused, but how we would use it sort of depends on how it's set up.

Violet3, thanks so much for your realtor insight!! I do always read that adding an in-law suite is a way to increase a home's value, but I always figured that it meant for homes that were over 4,000 SF or if the area was completely detached from the house. I'm definitely encouraged that you think they don't take away from the value. I think I'm just afraid of making any first-time buyer mistakes.

 

[violet3]

Date: 10/7/2009 6:12:56 PM
Author: NewEnglandLady
Cehrabehra, that was our exact thought as well. We've talked extensively about having D's parents move in with us when the time comes, but I think we'll be on our next house by then. I know the space wouldn't go unused, but how we would use it sort of depends on how it's set up.

Violet3, thanks so much for your realtor insight!! I do always read that adding an in-law suite is a way to increase a home's value, but I always figured that it meant for homes that were over 4,000 SF or if the area was completely detached from the house. I'm definitely encouraged that you think they don't take away from the value. I think I'm just afraid of making any first-time buyer mistakes.

Hmmm....I've never heard of a square foot rule regarding in law suites - i certainly wouldn't think only 4,000 + sqft. homes would benefit more from an in law suite than smaller homes at 2-3,000 sqft. homes.

However, in general, all the in-law suites I have encountered/sold have been fairly detached from the house. For the most part, they are over the garage....some are attached and some are detached, but they generally have their own entrance. Even if the in-law suite is attached, I am not convinced that it would detract from the value of the home. Can you give me a little more information about the kinds of in-law suites you've been seeing? ie. where are they? how big are they? how do you get to them? etc.

p.s. everyone is afraid of making first-time home buyer mistakes - don't worry! You may make one along the way anyway

. But, having said that, you are clearly more informed than the majority of first time home buyers, and you are so fortunate to be buying now rather than 3 years ago. What an exciting time!!!!

 

[kenny]

Check the zoning for the property.
If the "unit" can be rented out that can increase value.

Personally I would pay more for a house that reduces my exposure to the in-laws.

 

[zoebartlett]

My parents'' house (not TOO far from where you are, NEL) was built in 1835, and an in-law apartment was added over time. Their house is a New Englander, which is a Cape flipped around, and from the driveway, you can''t even tell that the apartment is there. I don''t know the square footage of the house or the apartment, but it''s not that big (definitely under 3000 sq ft, maybe 2000?). There are two entrances -- one private entrance around the back of the house, and one accessible from the inside of my parents'' house. Anyway, it''s a great a space -- two floors, with a bedroom and a bathroom upstairs and a living room, dining room, and kitchen on the first floor. My aunt used to rent it from my parents for years before she moved out of state. After that, my parents decided only to rent it to people we knew from around town, and they''ve actually only rented it out to two tenants after my aunt left 10 years ago. The current tenant is awesome, and he even lets us use the apartment if we need to when he goes out of town. My mom loves this perk! I know this wouldn''t fly with just any old tenant though. My parents have said that this is the last tenant they''ll have most likely, as I imagine they''ll get to the point of wanting the whole house to themselves someday, apartment included. I think it adds value but I''m not sure if it really does or not. Convenience in many ways -- yes, value -- possibly.

 

[Elmorton]

I don''t know if this answer helps, but I would definitely think of it as a plus. Make the kitchen sophisticated with your decor, and you have an excellent entertainment area, so you don''t have to go too far to serve drinks or make a snack. It doesn''t have to scream "weird space that we don''t really use."

 

[havernell]

Date: 10/7/2009 6:39:25 PM
Author: kenny
Check the zoning for the property.
If the ''unit'' can be rented out that can increase value.

This is what I was thinking too. NEL, are you looking at houses in a collegetown/ city with lots of colleges? If so, (and if, as Kenny mentioned, the place is zoned for renters) I would think that would up the value of the home. In my collegetown, some people specifically look for housese with attached apartments because the income from a renter often covers their mortgage payments. So, even if you and your husband don''t want a tenant, a future buyer might.

 

[NewEnglandLady]

We did see one house that had a suite over a detached garage (which I liked), but that''s the only one I''ve seen that was separate from the house. The others are usually in the basement with a separate entrance or a portion of the back of the house without great views, but with access to the rest of the house.

Our realtor did point out that some provide rental opportunity, though we are looking at homes in suburban sea-side towns, so the vast majority of residents are families or summer dwellers.

Thanks, all, it sounds like something we shouldn''t be concerned about when it comes to resale, which is great news!

 

[tyty333]

We dont have one...how do you get an in-law suite in 3000 square feet? I mean dont you need that for
regular living space? We live in FL and the big thing down here seems to be large game rooms (which I dont
have either

). We have a kids den that has a TV, computer, couch and small kids table but its entirely
to small...if we could build over I would do a much bigger kids area but I dont think I would do an in-law
suite even though we both have aging parents that live close by. We cant really take on a parent until
one of our kids leaves home (the oldest is 16). If the in-law suite could be used just like our kids den then
that would be great.