Caring for elderly parents – time to move in together!

 The number of children caring for elderly parents is rising, and so is considering moving back in with parents. In the September/October issue, the Lou Volk & Alison Walsh (Re/Max Real Estate) team provided a great editorial piece on "having your parents move in".

This powerful article depicted a growing trend on how this lifestyle change can benefit both children, their parents, and even grandchildren, in more ways than just financial. With the right home layout and perhaps minor modifications, this option can be very suitable to dealing with aging parents.

Here are some excerpts on this often-requested editorial piece (for full article please contact us):

Silver and Gold is a full-colour gloss magazine distributed throughout Ontario in print, and globally online. It features stories which are of specific interest to adults over 55, and focuses on their specific needs, values and interests.

To find out more about the Silver and Gold Passport click here:
Silver and Gold Passport Information

To subscribe to Silver and Gold PLUS receive your senior discounts guide, click here:
Subscribe to Silver and Gold Today

For more on Silver and Gold please visit:
Silver and Gold Home Page

or click here to CONTACT US

A rising trend in the Real Estate business is the request for an in-law suite that really is an in-law suite and not a rental unit.  The aging of North Americans and the rising cost of housing are bringing families back together.  We feel this is a good trend.  How many nationalities naturally live this way and have for centuries?

An Understanding Spouse:

If you are still married, each set of spouses need to get along as a minimum, much better if they at least like one another.  It does make economical sense though. We had a recent case where two $300,000+ homes were sold and a $450,000 home purchased. This allowed Grandma to have some additional discretionary income and not be relegated to the ‘lonely waste land’.

This is a long-term proposition you are taking, and of course there will be additional things the spouses will have to do, and not all folks will still be driving, and may occasionally need something picked up at the store, etc.

Types of Homes Requested:

The main request is that Mom and Dad want a bright space. Sticking people in the dungeon-like basement generally does not work.  Therefore, homes with walk out basements are routinely sourced out provide private access and lots of light.  The in-law suite needs to have the basics: Bedroom, living room, eat-in kitchen and a four piece bathroom.  The typical size is 600 to 900 sq.ft., which in most cases still leaves room for shared laundry and some storage in the furnace room.

Creating an In-Law Suite:

There are no rules preventing you from creating an in-law suite in any home you decide to purchase. An in-law suite does not require a private entrance, although it is preferred.  Building permits are required for all major renovations, so this should be considered.  Building a kitchen, bath and living area requires plumbing, heating, and electrical work that need to be safely designed and installed.  The cost can be modest or sky’s the limit, as with any renovation.

Resulting Real Estate Value:

Value is based on supply and demand. Demand is increasing and supply will outpace supply with the current Baby Boomer demographics. We believe these homes will increase in value above the average rate for Real Estate increases. The proviso is that it is the style with bright walkouts or above grade in-law suites in good condition and reasonable layouts.  Sleeping in the furnace room is not going to be attractive!  Anytime you customize a home for a particular style of living, it may take a little longer market time to find the right buyer. This does not indicate less value.  The buying cycle is much longer for these types of sales as more input from interested parties is required.