Key facts
- A family purchased a $725,000 home in Connecticut.
- They renovated the basement into an in-law suite for $75,000.
- The mother contributes $1,200 monthly towards the mortgage.
- The family's combined monthly mortgage payment is $5,000.
- The mother sold her Florida home, profiting $150,000, which contributed to the down payment and renovation.
A family in Connecticut has found a way to manage housing costs by purchasing a home together with the mother and renovating the basement into a private living space. The author, her husband, their baby, and the mother now live in a 3,000-square-foot house near Danbury, Connecticut, purchased for $725,000.
The 900-square-foot basement was converted into an in-law suite for the mother for $75,000. This arrangement allows the mother, who downsized from her Florida home, to contribute $1,200 per month towards the total $5,000 monthly mortgage payment. The family's share of the mortgage is only $800 more than their previous rental cost.
The mother sold her Florida home, realizing approximately $150,000 in profit, which was used for the down payment on the Connecticut home and the renovation of her suite. The renovation process, which took about two months, involved removing interior walls and expanding the living space, including combining a closet and kitchen area.
This multi-generational living situation has made homeownership and raising a child more manageable for the family, despite initial hesitations about potential family drama.