An Idaho Private Money Loan Can Help Finance Renovations
Nuclear family. Rental income. Both are excellent reasons to consider investing in a “mother-in-law suite.”
What is an in-law suite, exactly? Simply put, it’s an addition or separate living unit traditionally used for an in-law or other family member. A mother-in-law suite can be a stand-alone on the same property, connected to or within a home.
Mother-in-law units provide aging adults the safety and convenience of living alongside family while maintaining privacy and independence. They can also be great options for adult children in transition as they launch careers and save towards their own homes.
The popularity of in-law units is on the rise. The US population is aging, and retirement communities and assisted living facilities are costly. Sharing a living arrangement both reduces and spreads out costs generationally, adding to the appeal.
Depending on outside access and amenities, a mother-in-law space may be suitable as a rental unit, further increasing its ROI and your property’s resale value.
Mother-in-Law Suite Types, Costs & Tips
A successful mother-in-law project requires planning, financing and permits.
Types of mother-in-law units include interior, garage or attic, attached and detached suites. Depending on your existing floorplan, property lines and budget, an in-law suite may be as simple as a single room or “studio” with bathroom access, or a fully appointed “accessory dwelling unit” (AUD) including living area, kitchen, bedroom and bathroom.
Costs can range from $3000 to $200,000 for an interior or basement conversion, $20,000 for a garage upgrade, and $100,000 to over $200,000 for an attached suite. Carefully research and weigh your options before undertaking any upgrade for the greatest return on investment and best use of your space.
Once you know the type of in-law suite you’d like to build, check out local zoning laws and ordinances. Think long-term and be sure to meet all building and permit requirements that will allow you to rent out your unit should you choose to.
When designing your in-law unit, make it elder-friendly. Consider lighting, flooring, door widths, stairs, bathroom layout and fixtures. And keep potential future use in mind. A suite that can serve multiple purposes – office, art studio, nanny quarters, home gym – is a guaranteed “value add.”
Big or small, interior or detached, a mother-in-law unit can be a win win upgrade, providing both personal and financial gain.
Finance Your Mother-in-Law Suite Upgrade with an Idaho Hard Money Loan
Hard money loans are a great way to finance investment property upgrades and renovations. Gregory M. Russell is an experienced and trusted private money lender. We partner with Idaho real estate investors, providing easy qualify financing. Unlike traditional lenders, our hard money loans are asset-based and our application process is simple and streamlined. If you have adequate equity, your employment and credit history are secondary, and you can have cash in hand in ten days or less. Give us a call. We’re happy to talk about your project needs. Ready to apply? Complete our online request form.