For some homebuyers, buying a home with an in-law suite is non-negotiable. You need the space for your parents or for a dependent older child. But, if you do not have someone in particular who will live in such a suite, you may be wondering whether buying a house with such a suite is desirable. As it turns out, there are both pros and cons to buying such a home.
Pro: You can rent the space out.
These days, it's nice to have more than one stream of income. The in-law suite could serve as an extra source of a little rental income since you can rent it out. You could rent it out via a 6-month or one-year lease, or using a short-term rental service -- whichever fits your lifestyle better. The income from the rental could help cover your mortgage payment, which may mean you can buy more house than you would otherwise be able to afford.
Con: It's extra space to maintain and heat.
If you do not rent the suite out -- or if it is not rented constantly -- it will simply be more space to heat and cool. Thus, your energy bills will be higher than they would be in a home without an in-law suite. And whether or not you rent the space out, you will have to maintain it. That means extra paint, more roofing maintenance, more landscaping, and so forth. That maintenance adds up in terms of time and money.
Pro: Guests will have somewhere private to stay.
If you choose not to rent out the suite, you can use it as a guest quarter. Your guests will have more of a private area to stay when they come to visit, which means they won't have to share your bathroom or borrow your bed. This can be really nice if you live in a separate city from your family, and your family members come to visit a lot.
Con: Guests may invite themselves.
Since you do have somewhere for guests to stay, you might get to the point where you have guests more often than you would like. Family members, especially, may start inviting themselves when you would rather have some peace and quiet. Enforcing boundaries can be tough in this regard.
Is a house with an in-law suite right for you? Consider the pros and cons above. Get started by talking to a company like Mark J. Main at HomeSmart Realty Group.