Judy and Ken were at their wits’ end. Trying to care for an ailing mother in Arizona, while still living and working in Wisconsin just wasn’t working out. Flights back and forth were creating havoc with their budget and work schedules, and stress over managing care from afar was taking its toll. Then the couple had an idea. Since their current home was spacious and they weren’t close to retiring, they decided it would be best to move Judy’s mom in with them.
For many adults sandwiched between caring for an aging parent and maybe still raising their own family, renovating their home to include a parent apartment may be the key. If this describes you, consider the following advantages:
- Close proximity to better manage daily care. With your senior parent(s) under the same roof, you can check in with them to make sure their daily needs are being met — eating regularly, keeping up with personal hygiene and taking their medications. You can also better monitor the advancement of health issues and accompany your parent to medical appointments as necessary.
- Cost savings due to the elimination of a second residence. Assisted living facilities can be very costly. Or even if a parent can remain in their own home it often means double expenses of everything from mortgage to utilities to insurance payments. Living together will likely save all parties money.
- Opportunities for grandchildren to bond with a grandparent. If your own children are still at home, this living arrangement provides a unique opportunity for them to help out and get to know their grandparent(s) better. It may even help to improve their grandparents’ health by adding joy and fulfillment to their days.
- Privacy and independence for the elder parent. Depending on your home’s space, a parent apartment with a separate bedroom, bath, living area and possibly a small kitchen provides independence and privacy for both the elderly parent and your family.
Financing your renovation affordably
If you decide renovating your home to include a parent apartment makes sense for your family, see us to help finance your plan. A home equity loan or line of credit from Horizon Bank provides a low-cost way to make the necessary renovations. Come in and speak to one of our loan advisors today or apply online.