With baby boomers starting to reach retirement age, our nation is experiencing an increase in elderly Americans, many of whom are becoming dependent on care.
As the elderly transition into a stage where living in their homes is no longer possible, their adult children face some difficult decisions to ensure they are able to adequately meet their parents’ needs. Coping with the well-being of parents no longer able to care for themselves can be a determining factor in deciding how best to proceed. A simple, cost-effective and family-oriented way to help everyone involved is to consider adding an in-law suite to an existing home.
Offering peace of mind. An in-law suite takes away the stress of finding a quality nursing home and ensures your parents are getting the care they deserve.
Providing independence. Parents may object to being told what to do by their children, and moving out of their home is often an extremely stressful situation on its own. An in-law suite allows children to keep their parents close by, and parents can retain control over their own lives.
Maintaining familiarity. We often don’t think about how important it is to be with the things and people we value most in our lives. Removing parents from the environment they know and putting someplace else can be a shock. With an in-law suite, they are able to stay close to their families.
Saving money. There is an initial investment when it comes to adding an in-law suite to your current home, but with nursing home costs on the rise the investment comes out in your favor in the end. The average annual nursing home costs are slightly over $70,000, and the average stay is 2.4 years, bringing the total cost to over $168,000. With an in-law suite, you are ultimately adding value by building equity in your property. In the future you can utilize this space as a studio or a place for an older child living at home.
With an in-law suite, you can have it all–your parents will be close by and you will have made a smart investment in your home.
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