ECHO Housing: Stands for elderly cottage housing opportunities.
Typically this is a small building with kitchen and bathroom facilities
in the backyard of an existing home.
One of many options available when children become concerned about having their folks live too far away from them to monitor there well being.
This might entail building a small cottage or modular home on your own property. The concern is what this arrangement will do to the resale value of your own house. Two options exist: building an attached garage with an apartment or building a separate house on your property.
People are living longer and are healthier than ever before, but when they are no long willing or able to live on their own, these parents are moving “back home” to live with their middle-aged children.
Society still hasn’t caught up with this trend and municipalities often discourage this, in fear of decreasing the property value of the neighborhoods, by throwing up all sorts of rules and regulations.
Your first consideration is contacting the local building department to see what is allowed on your property and find out how long it takes to get permits. Real Estate agents recommend, in the interest of increasing property value, building a garage with an attached apartment rather than building a freestanding structure.
The other option to consider, which would be cheaper but a little more intrusive for both parties, is remodeling your own home so that your parents can share it.
Whatever the choice that you and your parents make, don’t worry too much about the resale issue. This type of housing situation is becoming a growing trend and the outcome should be favorable.
Source: Will a Cottage for Mom Hurt Your Home’s Value? Real Estate Journal/House Talk. June 28,2005 (The Wall Street Journal Guide to Property) by June Fletcher.