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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