With the cost of housing increasing yearly, San Diego residents have sought out in-law suite additions to increase the overall living space of their property. In-law suites or granny flats are an external addition to the original property to provide space for renters or family members.
As with every addition made to a home, there are pros and cons to the decision of an in-law suite.
1. Increases the overall value of your property
The demand for in-law suites is high, adding an in-law suite in San Diego can increase the value of your property up to 60%. In addition to the overall increase in value to your home, in-law suites in San Diego can provide an extra source of income for owners through renting the space. Whether it is a permanent renter or you use the space for short-time renters, an easy way to make up the costs for your addition is to rent out the in-law suite.
2. Independence for Family Members
Having an in-law suite provides a comfortable and separate space for your family members to come stay when they are visiting. Having guests in your own space can be stressful, especially when members of the household are moving rooms to make available space for your guests. Having a completely separate space like an in-law suite, can make hosting guests more enjoyable.
Costs of building an in-law suite in San Diego vary depending on the size and arrangements of your space. Overall, the cost of the addition is low and it is significantly lower than purchasing a separate property that fulfills the same needs as an in-law suite. An in-law suite can cost anywhere from $60,000-$100,000 depending on the size you are wanting. Considering the cost of purchasing a separate property or condo at $300,000-$500,000 you are saving yourself hundreds of thousands of dollars by choosing to build a or remodel an in-law suite for house guests or renters.
1. Opening Up To Company
If you build it, they will come. This statement also applies to your San Diego in-law suite. If you decide to make the investment to add an additional separate living space then family members, friends, and renters will seek to use the space. Make sure you have an established plan of how to use your additional space to prevent any unwanted guests or family members finding it to be a crash pad.
2. Living Together With Family Members
Often, people build an in-law suite for an aging family member or returning children in a transition phase. It can take some adjustment for people who are not used to sharing their property with other family members on a regular basis. Although many in-law suites include a kitchen, bathroom, and bedroom. Family members utilizing the in-law suite will become a part of your daily routine.
3. Managing the Additional Property
Whether the in-law suite is for family members or renters, you as the homeowner are responsible for all repairs, damages, etc. You essentially become a landlord for the space and it may become burdensome to manage the needs of the in-law suite.
We hope this post helps break down the key pros and cons that you should consider before building an in-law suite or granny flat in your San Diego home. If you have additional questions regarding wether this is the right decision for you, we’d love to chat! Please don’t hesitate to contact us.