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2013-05-02 16:50:10
More Demand for Homes with 'Mother In Law' suites

By Bryan Messick - Home buyer demand for secondary living spaces on the rise in Metro Denver 

Many home buyers in the Metro Denver Colorado region are increasingly calling for properties that include 'Mother-In-Law' or guest suites, oftentimes looking for homes with a second living space with a separate entrance, kitchen, living and bedroom.

During and after the last recession, many families consolidated home and living expenses by sharing living space under one roof.  As the US population ages and the cost of health care continues to rise, many families are looking for alternatives that include planning for a second living quarters that allows for independent living, yet still near family.

Over the years, some home owners have remodeled and finished basements to accomodate family members, including adult children who are not quite yet ready to fly the coop, to senior adults who wish to be near family care-givers.  Some home-builders are also including separate living 'suites' with bonus master bedrooms and kitchenettes.

Additionally, some savvy buyers are finding opportunities to earn rental income from properties that include mother-in-law apartments.  As featured on several tv programs, this can be an excellent means of paying down the home mortgage faster, or saving money for college or retirement.

However, buyer beware:  not all secondary 'living spaces' have been properly permitted by local ordinances, and there may be risks to a homeowner and tenant in the event of unforeseen events such as fire or flood.  Not all homeowner's insurance policies will allow for rental income spaces, and the definition of a 'tenant' may come in to question, even if the person is a family member.

Best advice: work with a real estate professional and be prepared to do some 'due diligence' when investigating the legality of homes with 'mother-in-law' apartments, guest suites and carriage houses.

View this week's free list of homes for sale in Metro Denver CO with 'mother-in-law' suites and apartments

 
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