A guest or in-law suite adds immense value to a home. They are mini homes complete with a living area, bedroom, bathroom, kitchen and whatever other rooms and features you desire. Guest suites can be as simple or elaborate as your taste and budget will allow, keeping in mind that basic construction can take up a large part of the cost. Having said that, the versatility of a whole separate space outside of your home speaks for itself. It can be used as a temporary or permanent home for an aging relative, for out-of-town guests, as a short or long term rental or a space for college kids who are home on school breaks. An addition is a great place to house guests at your home but not in it, giving both you and your guests much appreciated privacy!