Mansion, the Saturday real estate section of The Wall Street Journal, ran a cover story:
Make Room For the In-Laws.
“…Why space for aging parents is a hot real-estate amenity now.”
“Put away the snarky in-law jokes,” we read. “For both domestic and foreign buyers, the hottest amenity in real estate these days is an in-law unit, an apartment carved out of an existing home or a stand-alone dwelling built on the homeowners’ property. While adult children get the peace of mind of having mom and dad nearby, real-estate agents say the in-law accommodations are adding value to their homes.” WSJ 11/7/14
- Homes with in-law units (technical name:accessory dwelling units, ADU’s) are priced about 60% higher than those without.
- We learn almost a third (32%) of the 550 respondents, who had one or more aging parents, said they expected to have a relative live with them in the future, according to a 2012 survey by PulteGroup (one of the US’s largest homebuilders).
- We learn in the Southwest Pulte “rolled out casitas,” stand-alone in-law units.” Personal note: “Casitas” are not a new concept for Pulte, although an interior design that’s adult friendly (if it is) would be new. Pulte has, for many years, built casitas in Arizona for use as guest houses, even/especially for home owners of normal-size homes, who like having guests or grandchildren.
- We learn in the Southeast Pulte has introduced “Multi-Gen dwellings” that are built into the main house.
- We learn that in 2011 Lennar (Miami-based) introduced “NextGen dwellings.” They are part of the main house, but have a separate entrance–and their sales grew 27%.
I wonder: “Which Comes First, the Chicken or the Egg?” Are economics driving this? or Are adult children caring more about their aging parents?
Two aging mothers, mentioned in the article, say that having their adult children living only steps away eases the transition; and knowing their children are right next door keeps them from feeling lonely.
For aging parents who can still “do,” this living plan has the potential to work well. Everyone is more or less independent; everyone still has his and/or her own life; and while health problems probably exist, they are no doubt manageable. Connections, stimulation, and feelings of security for aging parents exist and are all factors in helping parents age well. And they can extend aging parents’ ability to continue to do.
For adult children, there’s a sense of control and the peace of mind that comes from knowing they can come to the rescue sooner, rather than later should parents need them. And the additional expense of providing an Accessory Dwelling Unit (ADU)–to their home (or to their parents’ home if they decide to move into that home, which some children decide to do) has no doubt increased the home’s value.
When aging parents begin having health issues that require caregiving, adult children will need to rethink sharing responsibilities with siblings and making decisions with their parents. This should NOT come as a surprise. In the meantime, adult children can take heart in the fact they’re doing their best to help parents age well. And shouldn’t that instill confidence in their future decision-making ability ……as they help parents age well until the end.
Related: Click “Make Room for In-Laws” link at top below picture.
Note: Newsworthy (right sidebar). Links to current research and information from top universities and respected professionals, plus practical and spirit-lifting ideas, to help parents age well.