Houses of Parliament .jpgHave an aging parent or grandparent? A teenager or young adult who desperately needs their space (and you desperately want to give it to them)? Any other family member or friend who needs a place, but you don’t want them in your space? That’s why I love my house with its granny flat, as the British say; we Americans call it the in-law suite, or a mother-daughter house. But I’m a hopeless anglophile, so I’m going with granny flat. I like how it rolls off the tongue.

A few years back, the same time I took in my niece, my mom also moved in. I have to say that while I want my mom to be safe and secure, I don’t actually want to live with her in the same space. (Does anyone want to live with their parents after age 14?)

For a while I had no choice. I was a serial renter, and as we all know, the housing market has been soaring the last 5 years. But I saved and saved, and a few years ago, using a 5/1 ARM (Adjustable Rate Mortgage) and 5% down, I was finally able to squeak into a 4 bedroom/3 bath house of my own.

The home inspection showed the house was sound, even though it needed some cosmetic work. But I sprang at the opportunity because it has two self-contained living spaces. Three bedrooms and 2 baths upstairs; 1 bedroom and full bath downstairs. Each have their own kitchen with range and fridge, their own deck, their own entrance. The only thing they share is the laundry room on the lower floor.

I did have to hire a contractor to install a door between floors, as the stairway linking them was wide open. But that only cost $1000, a small price to pay I think for the privacy. Putting in the door also kept my mom’s two cats on their own floor”they are adorable creatures and fun to play with, but I was pretty damn tired of using lint rollers to get their fur off my work clothes.

Having my mom near has all kinds of benefits, from childcare to companionship, and my ability to know at all times that she is ok. But being able to say “OK, see you later” and close the door is priceless. Best of all, it’s only one mortgage while providing two living spaces.

If my mom ever wants to move out on her own, or if I get posted to another city for work, I always have the option to rent out just a floor”especially now, when I’m not too keen to sell in a flat or declining housing market. Or I could take out the door and reintegrate into a 4 bedroom/3 bath house. I can’t think of another asset that is so flexible, and that meanwhile provides such great services (i.e., shelter and an apparently endless source of projects) while appreciating over time.