What do you get when you have an onslaught of aging baby boomers, an affordability crisis, and a housing shortage? Granny pods – also known as guest suites, in-law suites, or accessory dwelling units. They are tiny homes that are either separate or attached to an existing home with shared utilities and are usually equipped with a kitchenette, bathroom, bedroom, and living area. For more on why they are gaining popularity, read on.
- Avoids the downsides of a retirement home – A granny pod can be a lot more affordable than a retirement home, while also making it easier for family to stay connected.
- Aging in place – An elderly person can continue to live on their property and rent out the main house to caregiving family or renters, enjoying the comfort of familiar surroundings.
- Childcare – Aging parents, if still in good health, are just steps away to help with childcare for their grandkids, saving money.
- Multi-purpose revenue source – Despite the name, granny pods can also be a place for adult children to live or used as a rental property for passive income.
- Home value – For all the reasons above, granny pods can also increase the value of your home.
When considering a granny pod, take into account:
- Local zoning by-laws – There may be rules against additional dwellings on a property, but given the housing crisis many municipalities are moving towards more leniency with them.
- Family dynamics – Consider if everyone will get along overall. Discuss if meals will be separate or shared and if the grandkids can stop by anytime.
- Unexpected costs – You may need to upgrade utilities, ready your yard, and include accessibility features (e.g., ramps, grab bars) that may increase your costs more than initially expected.
If you’re interested in learning more about the granny pod movement, you can check online for visual ideas and more information.
