Backyard Home for Multi-Generational Living

We've recently completed construction on a backyard accessory dwelling unit that will be our client's parents' home. This is the second such project for us, and we are having similar conversations with people looking to do the same almost everyday.

We're really excited, not only for our client's family, but about this idea in general. Creating a home for parents to age in place makes great sense from a financial 'buy-back' point of view. Given the high monthly cost of assisted care living facilities, in 4-5 years, one would spend more paying for assisted living than the full cost of the backyard home. For example, say your project budget is $250,000. Long term care can cost $5,000 or more per month or $60,000+ more per year. With a payback period of ~4.5 years, you could invest that money into building equity in your property while keeping your loved ones nearby.

What we love most about this opportunity is keeping families closer together, and all the possibilities for multigenerational flexibility that these projects create. Further down the line, these spaces could become a home for kids returning from post-secondary, a rental unit or Airbnb.

Ultimately, we believe that having a second home on your property creates value for perspective buyers when the time comes to sell.