Should You Add That In-Law Suite?

Questions to Ask Before Hammering a Nail

But before you start knocking out walls, make sure that this type of improvement is not only in your best (read "comfortable") interest, but that it fits well with your home's structure, design, and lot size.

Be sure to evaluate;

Cost-effectiveness: Would this addition be cost-effective, given the size of your home and the neighborhood? Adding an entirely new wing to a modest two-bedroom home in an equally modest neighborhood might not allow you to recoup your costs when you sell. Just as you would with any major home improvement, get feedback first from a real estate agent and/or appraiser.

Design of house: Is your home's design suitable for adding on considerable square footage? Additions that aren't carefully researched as to design can end up looking like out-of-place afterthoughts, actually decreasing the value of the home. Cosider talking to a Architect or custom remodeler

Lot size and physical restrictions: Before choosing which rooms to place where, make sure that you have carefully researched the setback requirements for structures on your lot. This is where OakWood can be of help to you. These typically include required minimum areas from lot lines, sidewalks, streets and alley ways as well as lot area.

To charge or not to charge? Be careful here. Yes, it might be nice to have Aunt Tillie compensate you a little something for living with the family, but once you venture into the rental property arena, you may be violating an entirely new set of laws if your area is not zoned for multi-family. Much better to get Aunt Tillie to compensate a one lump sum at the beginning of the project.

As you can see, there are lots of questions to ask and information to gather before putting hammer to nail on that In-Law Suites addition. Unfortunately, there's no substitute for being aware, prepared, and working with a good designer/builder and methodically through the options when making additions to your family's home --- and financial nest egg.

Source : Julie Garten Good