If you are married, it is quite understandable that you value and cherish your family. This is to be expected and admired. It also contributes to a more lasting and fulfilling relationship. At the same time, there will come some practical considerations that you will need to take into account as the years go by. One of those will be how to take care of your mother-in-law. She might be alone and in need of some family to be close by, while still retaining much of her independence. At the same time, you might not want her living entirely on her own. With that in mind, here are three financial reasons why you will want to consider getting a house that has a mother-in-law apartment attached to it.

Avoid Long Term Care Costs

As people age, long term care costs can quickly grow almost out of control. In many cases, this is an unnecessary expense. If you are able to take care of your mother-in-law, there is no reason to not have her nearby. Even the expense associated with assisted living can drain the finances of even the most well-off of families. Do not let this happen to you. Having your mother-in-law in her own apartment attached to your own home makes financial sense. You will not have the added expense of long term care to worry about.

Rent The Space

You may not have someone living in the mother in law apartment. This is a great opportunity to rent the space.  You can rent it to a working professional or as a short term rental.  When you visit a furniture store, you’ll want to make sure that you have all the essentials as you would have at a hotel stay. Make it comfortable, decorate it. Having this supplemental income can help you pay your mortgage. The great part if you’ve paid your mortgage is it becomes residual income.

Equity

When you have a house with an unfinished basement your appraisal is going to be much different than if it has a finished mother in law apartment with a separate entrance. Having two kitchens, more bedrooms and bathrooms is going to make your equity and re-sale value skyrocket. It is worth renovation pricing to significantly increase the value of your home.

These three reasons alone highlight the usefulness of a mother-in-law apartment. If you are in the process of looking for a home and you see the need to take care of her looming on the horizon, this is a great option to consider. In the long run, it can also make a great amount of financial sense. That alone should cause you to give the idea some serious thought.