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.