As parents and grandparents age, they can find it necessary to downsize. They may not want to deal with the upkeep of a large, empty home... or they may just not want the costs associated with it. Traditionally, downsizing meant moving into a condominium or a senior living center. The modern era has presented a different solution: a garage apartment.
Condos Can Have Restrictive Regulations
From not allowing pets to having certain "quiet hours," condos can have restrictive rules and regulations. Even if your parent is buying their condo rather than renting it out, they are going to need to follow the condo association's rules. Getting on the wrong side of these rules can lead to fines and penalties, or even lead to a lien against the condo itself.
At a garage apartment, your parent will be able to do whatever they want, including benign things such as "having plants on the patio." This gives your parent less to worry about and more time to enjoy themselves.
Garage Apartments Are Less Expensive
If your parent lives in a condo for more than a few years, it will greatly outweigh the cost of building a garage apartment. If your parent is selling their home to transition to a condo, you can consider using that money to create a garage apartment instead. Even if your parent later decides to move out to a senior-focused living center, you will still all be able to take advantage of the investment.
Expense is important as you may want your parent to keep their assets on hand in case there's an emergency, such as a medical problem. If your parent immediately purchases a condo, they won't have that liquidity available.
Condos Will Be Farther Away
Do you wish you could spend more time with your parent? Do you often find yourself thinking about visiting them but hesitating because they are too far? Garage apartments let you take an active role in your parent's life without having to sacrifice your own privacy.
Not only this, but it means that both of you can benefit from the relationship. Your parent will have somewhere affordable, convenient, and pleasant to stay, and you will be able to spend time with them and potentially have someone you can trust to watch your children close by.
Garage Apartments Can Change In Utility Over Time
It's common for a garage apartment to become a generational investment. Now it may be used for your parents. Eventually it could be used for yourself, if your children move into the main home. If your parent moves away, your garage apartment can be used to house other family members or new children.
All of this creates some additional utility in your home aside from the future profit potential. For many homeowners, their garage isn't doing anything except storing items regardless; it's dead space that could be better used.
Condos Can Be Difficult to Sell
When your parent no longer needs their condo, they will have to sell it. Condos can be difficult to sell, as many condo boards have restrictions on who the condo can be sold to, and condos are generally not as desirable as a free-standing house. Purchasing a condo could lead to future complications for your parent. Garage apartments, on the other hand, only make the property more desirable.
Are you still wondering whether your parent should buy a garage apartment or a condo? You can compare the benefits of these two different living situations by contacting Next Door Garage Apartments. Next Door Garage Apartments can give you a quote regarding how much a garage apartment would cost compared to a condo.