The Benefits Of Taking Out A Home Equity Line Of Credit To Build A Mother-In-Law Suite
As you get older, so do your parents. If one set of parents is having a harder time maintaining their own household, they may either need household help or move into a nursing home. Yet another option that you may have is to build or renovate a mother-in-law suite in your own home. If there is an aging parent who needs a little more help than usual but is still ambulatory and able to reside somewhat independently, you may be interested in moving them into your spare space. Here are some of the benefits to using a home equity line of credit to build a mother in law suite in your home.
Increasing the value of your home
Multi-generational housing is an attractive thing to many people, from those who need several incomes to survive to those who are from cultures that have multi-generational living as the norm. By building a mother-in-law suite in the basement or as an addition on the outside of your home, you can make your home more attractive to a variety of buyers in the future. An increased home value is good for you, the neighborhood, and the bank.
Your outgoing expenses can go down to pay the loan
If you bring in your in-laws or your own parents to stay in your home, they may be able to help you cut down on expenses. This includes taking care of the children so that you can stop paying for daycare. Parents may also be able to contribute some of their retirement income into the household, which means that you can spend extra money on the home equity loan. Having parents in the house that you can trust with your children and to perform light cooking and cleaning tasks will make life easier for you and make it possible for you to save extra money or work extra hours. This will make the loan easily affordable.
The home can be used for future changes
If your parents move out or pass on, a mother-in-law suite for your home can come into good use. If your children move back prior to marriage but after they start a career, they may desire more privacy and move into the mother in law suite. If you plan to pass along the house to your children as you age, you can still remain in the home by living in the mother-in-law suite and allowing your children and grandchildren to have the main areas as bedrooms.
For more information about financing this kind of project, contact a company like New Horizons Credit Union.
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