A Message from our Newsletter Sponsor,
Andrea Chirich:
The Rise of Multi-generational Living
As I work with Buyers and Sellers, I am hearing more people interested in multi-generational homes! Whether they are younger people looking for their first home, or older people talking with me about selling their existing home, often the goal is to move to a multi-generational living situation.
Multi-generational living is one where more than one generation of adults live together in the same household. It can be older parents with their adult children, siblings, and maybe even their grandchildren and they all live together under one roof. According to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes center around affordability.
Cost Savings: By pooling resources and sharing a household with parents, grandparents, siblings, etc. multi-generational living provides savings. Rather than these family members all keeping and
maintaining separate households, they have one household. This allows for savings on mortgage costs, insurance, property taxes and even maintenance. It allows for division of labor on basic activities such as housework, yard maintenance and grocery shopping, potentially bringing additional savings by being able to do the work and not hire someone to have it done.
More square footage: Again, by pooling resources, a larger home and/or acreage may be possible. Especially for first time home buyers with the increase in home prices and associated costs, multi-
generational living may allow for a bigger home with more amenities than what they could afford on their own. For older people, a larger home could afford the room for aging in place and other family
members to live in the home to help with care, maintenance, keeping up with the home, and keeping up with the needs of aging individuals.
Young families can benefit from having family members to help with childcare, and older people can benefit from having support for all situations as they age. Everyone benefits from the pooling of
resources for acquiring the size of home and land desired, and covering the costs associated with home ownership.
Multi-generational living can be a win-win for all members of the household. If you’d like to learn more or look at how that may work for your family let’s connect! I am happy to be a resource for all things real estate, and ensure you have the information you need to make the best decision for you and your family members.
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