The Top Benefits of Buying a Multi-Generational Home
Have you ever considered sharing a home with cherished family members such as grandparents, parents, or other relatives? If the thought has crossed your mind, you’re in good company. An increasing number of homebuyers are opting for the path of acquiring a multi-generational home. Let’s explore some compelling reasons behind this trend to help you determine if a residence of this nature might be the right choice for you as well
Why Buyers Are Opting for Multi-Generational Living
According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):
In the quest for affordability, first-time homebuyers are predominantly concerned with cost savings, with 28% highlighting this as a pivotal factor. By collaboratively pooling resources with others, individuals can collectively manage financial obligations such as mortgage payments and utilities, thereby enhancing the feasibility of homeownership. This collaborative approach is especially helpful for first-time buyers grappling with the challenge of independently affording a home in the current real estate market.
Moreover, prospective homeowners are increasingly turning to the option of multi-generational homes to facilitate the realization of their dream homes. Both first-time buyers (28%) and repeat buyers (18%) opt for shared living arrangements, enabling them to acquire larger homes. Through the collective contribution of incomes, the prospect of attaining that spacious home of your dreams becomes more attainable.
But multi-generational living isn’t just about the financial side of things.
According to a recent NAR study, 23% of repeat buyers opted for the purchase of a multi-generational home to facilitate the care of an aging parent. Aging in place is a desire for many older adults, and a multi-generational living arrangement can serve as a means to achieve this goal. For these individuals, such a setup presents an opportunity to preserve their quality of life while enjoying the companionship and support of their loved ones.As Axios explains:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
Lean on an Expert
Locating the ideal multi-generational home poses a more intricate challenge compared to the process of acquiring a standard house. This complexity arises from the involvement of multiple individuals with diverse opinions and needs, akin to solving a puzzle where the pieces must align perfectly.
Should you be interested in exploring the numerous advantages that multi-generational living brings, consider teaming up with a knowledgeable local real estate agent. Their expertise can prove invaluable in navigating the intricacies of finding a home that accommodates the unique requirements of multiple generations
Bottom Line
Whether your motives are financial or focused on the people you’ll share your home with, buying a multi-generational home may make sense for you. If you’re interested in learning more, let’s connect.
