Wondering about the cost to build an in-law suite in your home?
In-law suites are a great way to provide a comfortable and private space for your loved ones.
However understanding the expenses involved can be challenging.
Unfortunately it’s not always easy to predict what the economic implications might be.
Seems complicated doesn’t it?
Table of Contents
Cost Of Building An In-Law Suite
Many homeowners are keen to construct an in-law suite or granny flat on their properties as an additional living space and potential income source. These can be added as an annex to an existing home a converted garage or even a basement or attic conversion.
Typically the cost to build an in-law suite ranges from $40000 up to $125000. The cost depends on factors including the size and the location of the structure.
Converting available spaces such as garages basements or attics can be a cost-effective alternative with prices typically falling in the $20000-$50000 range. If a bathroom addition is also required this could add a further $15000-$25000 to the total cost.
Value Added By In-Law Suites
In-law suites given their potential for autonomy and independence can significantly increase a property’s value. Ascertaining the exact value is sediment on various factors including privacy separate entrance and desirable facilities such as cooking and bathing facilities.
If an in-law suite comes with its own entrance and bathroom it could enhance the market value by 7.2% to 9.8% for a $400000 home according to HomeLight. Furthermore note that in-law suites often result in higher value-addition in fast-moving property markets and locations where rental to non-relatives is allowed.
Average Size Of In-Law Suites
In-law suites also known as mother-in-law suites granny flats or accessory dwelling units are growing in popularity as more homeowners look to accommodate aging parents or other family members. According to Pew Research Center the number of people living in multigenerational households has quadrupled since 1971 reaching 59.7 million in March 2021.
The average size of an in-law suite ranges from 300 to 1000 square feet. The suite typically consists of a fully functional kitchen a full private bathroom a separate bedroom with a locking door a living room or lounge area and a separate entry and exit.
Despite the restricted size the goal is to create a comfortable and semi-private living space that grants autonomy while also ensuring the loved ones’ safety. This additional dwelling space can be a smart investment significantly increasing a home’s value appealing to the strong market demand for multi-generational home layouts.
Benefits of In-Law Suites:
- A comfortable living space for aging parents
- Potential for an extra income source by renting them out
- Increases a home’s value
- Cost-effective alternative to senior care assisted living communities charge an average of $54000 per year
- Promotes peace of mind for families with special needs
Garage Apartment Value
A choice among different in-law suite options is converting existing spaces in the home such as the garage basement or attic. A garage conversion is an appealing alternative because it offers optimal privacy and has an existing structure to repurpose making it a more cost-effective endeavor.
On average converting a garage into an in-law suite can cost between $20000 to $50000. Adding a full bathroom will add approximately $15000 to $25000.
COVID-19 pandemic has fast-tracked the trend and report based on HomeLight’s survey revealed that homeowners across the country put in $93000000 annually into such renovations.
Return on Investment – Garage Conversion:
|Garage Conversion Type||Return on Investment|
|Attached||Gains 60-75% of investment cost|
|Detached||Gains up to 80% of investment cost|
Garage apartments whether attached or detached can add up to 9.8% to a home’s value especially in fast-moving property markets. Additionally they can become an income source through rentals provided local zoning rules allow it.
For a $400000 home a well-constructed in-law suite addition could set you back by $15000 to $40000 but increase the asking price by $28800 to $39200 ensuring a robust return on investment.
Planning Checklist For In-Law Suite
Building an in-law suite involves intensive planning and an outline of needs. Before starting your project create a thorough checklist to ensure you cover all necessary aspects to avoid expensive mistakes.
First consider location. Optimal spots include underused rooms on the first floor close to an existing bathroom.
You can also look at unused basements or garages to convert into an in-law suite. Assess the existing space and verify if it’s adequate for constructing a cozy and functional suite.
Next consider the design. An in-law suite should comprise a separate bedroom full bathroom full kitchen or kitchenette area and a separate entrance providing autonomy and privacy.
Moreover mobility considerations can’t be left out for aging parents. Design elements like wider doorways slip-resistant flooring and bathing facilities with grab bars can provide a safe and comfortable space.
Keep in mind regulatory compliance. Research local zoning codes to determine what features can be added without legal complications.
Obtain required permits during the construction phase.
Consider utilities for the suite. A convenient way to manage bills involves having separate utilities like water and sewer connections which are often required by housing codes.
Lastly it’s essential to hire a certified contractor preferably experienced in building in-law apartments. They can coordinate the entire project ensuring a smooth building process and achieving a quality end result.
While the cost to build an in-law suite can range from $40000 to $125000 it usually is less than the average annual cost of assisted living facilities making it a cost-effective alternative for the long run.