Creating Living Space in Your Home for Your Aging Parents
No matter how old we get, we always want to do what we can to help our parents. Whether it is assisting them financially, helping them with their daily tasks, or giving them a home when they get older, we love to care for our parents the same way that they did for us when we were children. If you are inviting your aging parents to come live with you, then you will need to make certain financial considerations and ensure that you have the space necessary for everyone in your family to live comfortably.
Let’s talk about the many benefits that come with living with your parents and how you can save money, make space for their arrival, and live as a big, happy family.
Why You Should Consider the Idea
Depending on the relationship that you have with your parents, you may be more or less eager to have them come into your home. If you have a good relationship, then you should seriously consider the option.
There are many perks to having your aging parents live in your home, including the fact that you can be closer to them and have time to bond during their elder years when they may not have much time left. It is important for parents and their kids to have family time and be on good terms, and it is especially important if there are grandchildren in the picture. Your children should understand your family tree, and this is a good way to make sure of that.
Your parents may also be able to help you with things around the house, including babysitting the kids when you are at work or during that rare date night. If they are not paying rent, then they can possibly help to clean or maintain the house in return.
While there are many perks, there are also some cons to consider. In addition to the cost, you will also lose your privacy and the independence that you have enjoyed for years. You need to think about if that change is worth it.
There may also be the possibility that you don't have much of a choice in the matter. If you find that your parents need help with daily tasks and that they can’t take care of themselves in their own home, then you may need to at least relocate your aging parents closer to you so you can assist in their time of need. If that is the case, then you will also need to think about what that care will entail and if you have the time or resources to help them out. If you do, then consider looking at how you can make space in your family home.
Making Space for Your Family
You will need to really put thought into where your parents will stay if they come to live in your home. You may have space in the living room or a loft, but you also need to consider if there will be ample space for them to move about freely and safely and for you to administer the care that they need. If a common area is the only option, then you should declutter the space so you can make as much room as possible.
When it comes to organizing your house, you need to take a serious look at every item in the space and decide what you need and what you can donate to charity. Think about whether or not you have used the item over the last year, and if you haven’t, then get rid of it. If you have items that are taking up too much space but you don’t want to get rid of, then consider investing in a storage locker so you can keep those items safe and retrieve them when the time is right.
If you want your parents to live more comfortably, then you might consider building an in-law suite or “granny flat” in your home. Ideally, you can create this space in a spare room or in a well-maintained attic, but you can also try to make room in the loft or an enclosed porch. Once you find a space, you will want to do research to find out what will be involved in the project, including the cost and how to satisfy local building codes. If you are not handy enough to do the building project yourself, then you will also need to look for a contractor to assist.
Budget Considerations
If you do decide to build a separate suite for your aging parents, then you could be looking at a cost between $40,000 and $125,000, depending on how extensive the project will be, whether or not you hire a contractor, and other concerns. On top of that, when you have additional occupants in your home and more mouths to feed, you will likely need to spend more money. The solution is to create a budget.
Even if you are tight on funds, you can create a blueprint for success with your comprehensive budget. To do so, sit down and account for every dollar that you have coming in every month, including from your job, side hustles, social security, and other funds that your parents can provide. Then, make a long list of all of your recurring expenses. Start with the major costs like utilities, mortgage, grocery bills, and schooling for your kids. Then, start including the discretionary expenses that aren’t as necessary, including the monthly premium for your streaming services, the daily coffee runs, and your weekend activities.
Look at what you have left, and if it is not enough to cover your costs, then get rid of expenses you don’t need or cut down on your entertainment costs. If you need to make more money, then consider asking your boss for a raise, shopping for better insurance rates so you can save cash, or getting a side gig, which can be something simple like driving for a food delivery service. Whatever you do, continue to keep an eye on your budget and savings, and you will find a way to pay for everyone in the home.
In the end, the choice to have your parents live with you is not always easy, but if the rewards outweigh the costs, then consider the option. Use the tips discussed here to make the process as easy as possible.
