Basics of Property Management: Screening Potential Tenants

Want Your Parents To Live In The Home You Buy? 3 Features That Can Make This Work

27 July 2016

Jesse Obrien

Living with your spouse and kids is something that most homeowners are used to envisioning. But, you may want to bring more family into the picture by inviting your parents to live in your home. This adds an entirely new layer to what you need to consider when looking at homes for sale. It is possible to go through the home buying process without paying special attention to the fact that they will move in, but this could lead to a problematic situation at home if your family and your parents do not have enough separation. Looking at certain features with properties will help you find ones that can lead to a happy home.

Spacious Basement

One way for your parents to move in is to live in the basement. If it is unfinished, you have to think about how much work must go into finishing it up to the point in which it is livable. It can get rather costly, especially when you have to add a bathroom, which can run you as much as $10,000. If you are lucky, you might find a property that already has a finished basement ready for full-time living.

Mother-in-Law Suite

An alternative to basement living is finding a place with a mother-in-law suite. This is perfect because it gives both of you a separate place to live, but still provides easy access to spending time together. These houses are often desirable because they make great investment properties. It is easy to turn it into a multi-rental property or transform it into a full-time vacation rental that can rent out two separate places. So, you need to be quick with your searching and offering if you intend to compete with these homes.

Separated Bedroom

In many homes, the bedrooms are all placed right next to each other. This is ideal when you have children because it allows you to keep an eye on them without having to walk across the entire house. But, you may want to have some separation when it comes to living under the same roof with your parents. This specific setup will likely be easier to find than the other two, so you will have more houses to pick from.

Living with your parents is an excellent way to take care of your parents as they age and save money for everyone involved. Taking these details into consideration will ensure you get the perfect home. Click here to learn more about homes for sale.

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