Add mother-in-law / nanny suite beachside Brevard CountyCounty Fl

[Wendy Vaidic]

We are flipping a house beachside in Brevard County Florida.  It lends itself well to creating a mother-in-law or nanny suite.  It would cost a couple thousand to do so.  Would it add value or potentially shrink our pool of buyers?

[Mike Waltman]

I like the idea because that is exactly what I want as an (personal residence) home buyer with an investor mindset. There's a bunch of upsides to including one that could make it a very desirable addition for certain people.

Since its beach side and in sunny florida, the end buyer may know they will have friends and family visiting (especially during those cold months!). Knowing that people can come visit and not completely disrupt everyday life is an amenity some people will be willing to pay for.

A buyer interested in offsetting their mortgage expense will see it as a great potential to save money in the long run if they wanted to bring in a long term tenant or use it as a vacation rental when they feel like it. Airbnb is making this set up more and more popular and user friendly.

I'm all for it because that is a potential setup I would like to find for myself in the next 2-3 years. I would live in the mother-in-law suite and run the big house as a vacation rental during 'winter' to pull in the big $$ and rent out one of them on a 6 month lease during the spring/summer/fall.

It could create a very desirable product for a specific buyer that will give you a nice price boost or it could turn off some buyers who see it as a waste of backyard space. Think it comes down to knowing your market/buyers at your price point. If you don't have a lot of experience with the buyers in your market yet maybe find an agent that does and ask their opinion.