Time goes by so quickly many of us are long passed raising children, having seemingly leap-frogged years forward where we now have to help plan for the care of our aging parents. If you’re lucky enough to still have your parents around you undoubtedly want them to enjoy their retirement years in comfort. So you plan, and you budget…Kind of.
It’s the economy, and it’s hitting all of us. It has become more difficult to sock money away than in years past, and like many Americans your own savings and retirement plans have taken a beating just like good old Mom and Dad’s. So how can you help your folks without burdening your own children when your silver years arrive? Consider moving them in…or moving them out!
There are many options for creating or renovating space in your Crown Point, St. John, and Northwest Indiana homes to accommodate Mom and Pop, all of which have positives and negatives attached to them you should consider.
Basement, garage, and attic conversions put everyone under the same roof. Potential issues are dampness, natural lighting and constant climbing of stairs. There is also the carve-out, which is re-purposing a room/rooms in the main living area of a home. As always there is the potential issue of shared walls and privacy. How about converting a detached garage into an apartment and turning your in-laws into OUT-laws?
Obviously the best economic choice is to convert existing space, though there is always the option to add spacewith a bump-out or building a separate cottage on your lot. My best advice here is first learn what your local zoning and housing code options are, as well as HOA allowed modifications. Second, sit down and write out a list of what would be a best case scenario for your family AND for Mom and Dad. Third, be sure to include your folks in the process so they feel like they are a part of the solution. Then all you have left is to choose the option that makes the most sense for everyone.