The first step to understanding the value of a mother in law suite (advantages and disadvantages aside) is to forget the name. Clearly, you don’t necessarily have to let your mother in law live there. Instead, it can be used to increase the value of a home and even open up a small income stream.
Family. The name may lend itself to the cultural tradition of young married couples inviting a senior family member into the home to help with a baby. It is seen in many different countries, including ours. But the convenience of allowing a family member choose your place instead of a hotel will help bring some of your favorite people into town because they know it will be budget friendly. The plus side is enormous in an ideal family scenario.
Rental. Most people have seen the home renovation shows where homeowners fix up their detached or attached suites and make them rental worthy. In some cases, the people are able to pay most of their monthly mortgage payment by collecting rent for a mother in law suite. Many are above detached or semi-detached garages and allow for privacy. There are also some in basements that have exterior entryways.
Teens and College Kids. These days, many kids are sticking around home into their twenties. The economics are clear, and it is driving many college kids to choose their hometown universities instead of venturing out into another town. A college-aged son or daughter would be more likely to stick around if they have their own little apartment — and you keep doing their laundry! Beyond that, allowing an older teen to have some space would encourage friends to hang around your house, rather than in unknown places where you can’t keep an eye on them.
Many people simply don’t have the luxury of considering such a thing, but if it’s a reality for you, having a secondary suite on your property is more than just a perk. It can keep families close, and maybe a bit more money in the bank.