There's a new name for those thirty-something individuals who are stressed out from providing care for both children and aging parents. They're called the "sandwich" generation, and millions of Canadians are currently in or approaching this demographic group. It's tough trying to find enough hours in the day to meet all their commitments. Many are responding to this situation by arranging for live-in help to assist with childcare and household chores, either from another family member or a paid employee. If you're one of the many who plans to go this route, then it probably means you'll need a nanny suite, granny flat, or even an in-law apartment.

Sometimes, the needs for live-in help are most easily accommodated by moving to a new, more suitable home. But a great many homeowners try to manage with some modest renovations. If you're trying to decide, here are a few things to keep in mind as you make your decision.

An effective nanny suite will be appealing to its resident, while at the same time giving you some privacy, but without putting too much strain on your budget. A good benchmark in determining what improvements are worth doing, is to measure the cost against the expected lifespan of the expense. For example, putting in a new 3-piece bathroom can be relatively expensive. Its cost probably won't be warranted if you only see it being needed for three or four years until the kids are in school and a live-in nanny is no longer required. In a case like that, you might consider a compromise, like adding a sink and counter to a bed-sitting room, that could later evolve into a den with a wet bar. On the other hand, if you can see the nanny suite being used later on as an in-law suite or a more private room as your children get older, then you'll probably feel the cost is well worth it.

You should also consider that the number and location of both bedrooms and bathrooms are important factors when determining the resale value and buyer appeal of your home. If your renovations are professional looking, you have an excellent chance of recouping some or all of their expense when it's time to sell. Your real estate professional will be glad to advise you on how such improvements may impact the value of your home. They can also help you crunch the numbers to see how much home you can afford, and show you examples of what other homes are available in your price range that can accommodate your needs. You may find that, instead of renovating your existing home, it's in your best interests both functionally, and financially to choose a new home that's more suited to your current lifestyle.

Whatever your needs, your local real estate sales professional will be glad to help you evaluate your options and come to a sound decision that's right for you and your family. Why not call and get some helpful advice?