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Granny Flats: An Update on the Mother-In-Law Suite
A granny flat is a mini apartment or stand-alone dwelling adjacent to a house that provides a home for an aging relative, nanny or other family member. Here are five benefits of providing a granny flat for a loved one.
Affordable Housing
Compared to purchasing or renting a full-size home or apartment, a granny flat can be a more affordable option.
Added Security
Because granny flats are located on properties with other residents, occupants are typically more secure than they would be living on their own.
Health Care Support
A granny flat offers the opportunity to provide for the health care needs of a loved one while also allowing for continued independence.
Extra Help
If the occupant of your granny flat is capable, he or she may enjoy helping with household duties such as child care, cooking, cleaning, or gardening.
Income Opportunity
Depending on the situation, you may be able to charge the occupant of your granny flat rent to supplement your own income and help cover expenses.
Before you take the leap into creating a granny flat, be aware that municipal statutes, neighborhood covenants and zoning laws may prohibit building an additional structure on your property. Converting a garage or renovating an existing space inside your home may be an easier and less expensive option than new construction. You might also consider adding a prefabricated building, if allowed by your city.
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What Does Each Generation Look for in a Home?
Different generations have distinct preferences and priorities when it comes to lifestyle choices. Discover how these can impact their home-buying decisions.
Millennials
Millennials tend to prioritize experiences and socialization, which is why they gravitate toward areas near restaurants, bars and entertainment venues. They're also looking for modern home technology that allows them to control appliances, heating and cooling, home security, and more.
Generation X
Some would-be Generation X homeowners are still recovering from the market crash of 2008–2009, which resulted in numerous foreclosures and made it a difficult time to purchase a house. Those returning to homeownership tend to look for locations close to work or their children's schools. Suburban neighborhoods are appealing to Gen Xers, as they typically provide lower population density and more living space.
Baby Boomers
Many baby boomers are downsizing their homes as they pay off mortgages and approach retirement. Some baby boomers wish to live in an active community close to restaurants and shops, and some prefer to live near others in their age group. Regardless, most baby boomers wish to remain independent while living near friends and family.
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Living Room Updates
Consider these design trends for a stylish makeover.
Curvy Lines
Gone are the days of stark, angular furniture. Homeowners and designers are adding coziness with rounded-edge sofas and tables, circular rugs and round pillows.
Multipurpose Pieces
With more people working and learning from home, desks that double as accent tables, curio cabinets that can hide school supplies, and storage chests that can be used as coffee tables are keeping homes organized.
Color Pops
While neutral colors are still popular, more homeowners are looking to add a pop of bright color to keep things interesting. Think about adding bright pillows and rugs or a colorful piece of artwork.
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Planning for Unexpected Maintenance Issues
Unexpected home maintenance costs have the potential to derail your budget and deplete your savings account. Following are three tips to help you prepare for these unexpected expenses.
Add Home Expenses as a Line Item in Your Budget
Set aside whatever you can afford each month into a savings fund for home expenses. Even $50 a month will add up over time and help when unexpected costs arise.
Stay on Top of Repairs
Regular home maintenance can help prevent breakdowns. Change your furnace filters regularly, clean your gutters twice a year and be on the lookout for any sign of water damage.
Consider a Home Warranty
You can purchase a home warranty that will cover the expense of repairing certain home systems and appliances. Be sure to compare the coverage and service fees before choosing a specific plan.
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