There are more than 50 million people in the US over the age of 65 and that number will grow rapidly over the next few decades. While many of these seniors will remain active and independent for years to come, the number who cannot live alone will grow in time.
The obvious choices are assisted living or nursing homes, but those can run from around $48,000-$100,000 annually. Instead of accepting these options, some families now opt for a third choice: a mother-in-law suite.
Any upgrade to your home will cost something, but how much will a mother-in-law suite cost? Keep reading for a breakdown of the benefits and costs of these suites.
Mother-in-law Suite Benefits
Building a suite for an in-law offers a number of benefits. Right off the bat, it lets your family member stay integrated with the family unit. Socializing is a key factor in mental health for the elderly.
It reduces the need for third-party care. While you might bring in a nurse for assistance a few days a week, you probably won’t need a full-time nurse.
You can create a senior-friendly bathroom that limits the odds of a bad fall while getting into or out of the shower.
Things You Should Consider
Any major renovations in your home will almost require some permits. In addition, if you plan on converting a garage, it must meet local regulations and codes. A few things that may need alterations include:
While you can probably install enough insulation on your own, you’ll need professional help for the plumbing, HVAC, and electrical. In fact, most cities require professional installation of any wiring and HVAC. As for plumbing, it’s always better that you get that installed right the first time.
Plan on an inspection before you move your in-law into the space.
Cost to Build Mother in Law Suite
The overall mother in law suite cost will depend on several factors. The mother in law suite plans you use for one. The more complicated the floor plan, the more it will run you.
The cost will also depend on if you convert an unused space in your home or add an addition. The mother in law suite addition cost will come in substantially higher.
As a general guide, creating a suite will run somewhere between $40,000 to $100,000.
Your costs may come in lower depending on your home. Converting a finished basement will drop the price a lot. Building a detached unit will drive the cost up.
Picking an Approach
Picking an approach for your mother-in-law suite will depend on your home. If your home is small but comes with plenty of property, an addition or detached unit may make the most sense. If your home is large with lots of unused space, a renovation will likely make the most sense.
You should, naturally, involve your in-law in picking a floor plan for the suite. If you need some help with creating the right space, don’t worry.
Click here for some fresh ideas for the new suite.