Page 4 - March 2019 Lakewood Village
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Q & A with the real estate expert
                            ASK ALLISON VAN WIG










































                                   CAN AN IN-LAW SUITE’S COST


                                  BE RECOVERED WHEN SELLING YOUR HOME?



                                        Dear Allison,  I’m  As we all know, the Boomer  arching reason to have  Depending on the specific  home,  every neighborhood,
                                        faced  with  a  bit  generation  is  enormous  (and  your  mother-in-law  down  improvements you make,  and every project is unique.
                                Q of a dilemma. My  aging), and many families are  the  hall is that someone  your exact  location,  and the  Whether or not your
                                        mother in law— trying to figure out how to  who really cares is close at  demographic  trends  in  your  investment makes sense for
                                 now a widow—needs living  create comfortable “multi- hand, especially  if a medical  area, it’s possible you will  your family and will pay off
                                 assistance and can’t stay in her  generational” homes.  emergency arises.  recover most—if not all—of  in the coming years depends
                                 house alone anymore. We’d   In addition to the cost   Regarding  cost,  as these costs.           on a number of factors. Give
                                 like to invite her to live with  versus benefit of construction,   you’ve learned, the degree   As you plan your project,  my office a call, after a little
                                 us, but she’s accustomed to  the biggest concerns my  of assistance needed and  be sure to make accessible and  research I’ll be able to give
                                 having her own private space.  clients have on this are about  the amount of privacy  safe improvements. Future  you the concrete answers
                                 Accommodating her would  quality of life and familial  required  will  determine  the  buyers will be looking for  you’re looking for.   n
                                 mean converting the lower  diplomacy. The National  price of investing in multi- these features  in an in-law
                                 level into an apartment with  Council  on  Aging’s  2015  generational improvements,  suite.  Include easy-entry
                                 separate entrance. Adding a  survey found that 75% of  and it can be formidable. But  bathtubs, grab bars in the
                                 kitchen and laundry hookups,  older adults want to stay in  consider this: the national  tub and commode, wide
                                 expanding the half-bath to  their own present home for the  average cost for nursing home  doors for wheel chair access,
                                 a full, bumping-out a living  rest of their lives. This shows  rooms  is  around $8,000  navigable steps or staircases,
                                 area  and other finishes  were  that even when it becomes  per month  and growing, or  slip-resistant  flooring
                                 quoted at about 25% of what  necessary to move, there may  $96,000 annually.   materials like vinyl planks
                                 we paid for our home! I’m  be a strong reluctance to   Now  let’s  address  resale  and close-knit carpeting, and
                                 worried these improvements  do so. Old habits die hard!  appeal. A recent Pew Research  functioning smoke detectors.
                                 will NOT add 25% to our  The diplomacy needed is to  survey shows that 64 million   One  final  thing
                                 home value, and we’ll lose all  work out an arrangement  Americans lived in multi-  to  consider.  Certain
                                 that money if we ever sell the  that affords your loved one  generational  households.  neighborhoods restrict in-law
                                 house. Is this the case? Please  assurance that he or she will   That’s 20% of the entire  suites or have regulations
                                 help!                   have  plenty  of  independence  population, and that number  that make them prohibitively
                                                 Mike R. but also the convenience of  should continue to rise  for  expensive. An experienced   (CA DRE #00985700) is the
                                                                                                                                         Allison Van Wig
                                                         live-in  chauffeurs,  cooks,  at least ten  years. Moreover,  Real Estate Agent can tell
                                A     Dear Mike: This is an  companions—whatever  the  National  Association  of  you the ins and outs of the  Owner of Van Wig & Associates
                                       excellent question! In  you work  out to everyone’s  Realtors  states that  20% of  construction regulations in
                                                                                                                                     you can call or email her at:
                                                                             true buyers would  pay more  for  your community.
                                                                      and
                                       fact, I’m asked about  satisfaction
                                                                                                                                        562-882-1581 or
                                 in-law suites often these days.   commitment. The over- a home with an in-law suite.   Remember,  Mike:  every   Allison@superbroker.com































            Go to: www.LakewoodPrices.com





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