When considering home value projects in Tyler, TX, one of the most valuable options you can choose is a mother-in-law suite. This is also known as an in-law suite. Don’t worry—building this addition to your home doesn’t mean your in-laws must move in! It’s just another name for a separate accessory dwelling unit added on to your home.
Adding a mother-in-law suite in Tyler, TX is a good way to increase the value of your home should you choose to sell, but it can also create value while you own the home, whether you live in it or not. Here is some more information about mother-in-law suites and how they can add value to your home.
What is a mother-in-law suite?
As mentioned, a mother-in-law suite is a separate accessory dwelling—it’s not just an extra room. These units have their own separate entrance, as well as their own kitchen, bathroom, bedroom and living room. They can even include upscale amenities like a fireplace and laundry room. In short, a mother-in-law suite is like a mini version of your own home and can either be connected to the main house or can be a standalone building on the property.
Increase in home value
A mother-in-law suite will increase the value of your home. It may prove to be a very attractive option to buyers who are looking for a modern solution to multi-generational housing or who need a separate space for guests. While the cost of construction can vary greatly (depending on the scope of your project, this could be anywhere from $5,000 to $100,000), the new addition will be an attractive option should you decide to sell the home at any point.
You can choose whether you want to customize the mother-in-law unit for a family member of your own or leave it more open to customization for a future resident or tenant. This brings us to the next point, which is creating income from the home while you still own it.
Creating income with a mother-in-law unit
Since it is a standalone unit that really functions as a one-bedroom apartment, a mother-in-law suite can be a great way to generate extra income while you still own the home. If you live in the home, one way to generate extra income is to rent or lease the mother-in-law unit out to a tenant. Another way to generate extra income may be to rent it as a short-term rental through services like Airbnb.
Before committing to either strategy, it’s important to check your local regulations surrounding long- and short-term rentals for this type of dwelling. You don’t want to spend the money on a renovation like this only to find out that you won’t be able to use it as you originally had planned.
When you’re ready to install a mother-in-law suite in Tyler, TX, reach out to the team at Canfield Construction Management today. We are your first choice for home renovations—from single-room makeovers to new additions and even new home construction.
Categorised in: Home Remodeling
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