Ever thought about living in the same house with your grandparents, parents or other loved ones? You’re not alone. A lot of homeowners are choosing to buy multi-generational homes where everyone can live together. The US Census reports that the number of multi-generational households is climbing. In 2010, there were 5.1 million multigenerational households. As of 2020, that number has jumped to 6 million. And California has some of the largest bulk of these living arrangements across the country. If you have been considering a multi-generational home but aren’t sure where to start, keep reading.
Why More People Are Choosing Multi-Generational Living
According to the National Association of Realtors, here are the top four reasons buyers opted for multi-generational homes over the past year:
Two of the top reasons involved aging parents: 27% of buyers chose multi-generational homes so they could take care of their parents more easily. And 19% did it to spend more time with them. A lot of older adults want to age in place, and living in a home with loved ones can help them do just that. Living with older family members can offer a peace of mind knowing they are cared for and safe. If your parents are hoping to do the same but need a bit of help, a multi-generational home may be worth considering.
But buying a multi-generational home isn’t just about being close or taking care of the people you love—it can save you money, too. 22% of buyers say they picked a multi-generational home to cut down on costs and 11% wanted a bigger house that multiple incomes could afford together. By combining income and sharing costs, first-time homebuyers are able to purchase a larger home that fits everyone’s needs. For families with older members, sharing a living space can lead to big savings. Assisted living is expensive, so having older family members live under one roof can save on those costs. The benefits go both ways: having older family members around can help with babysitting and picking up kids from school, leading to lower childcare costs.
Sharing costs like the mortgage and utilities can make owning a home more affordable. This is especially helpful for first-time homebuyers who might find it challenging to buy a place on their own in today’s market.
Features to Consider
There are many different factors to consider when buying a multi-generational home. You, parents, grandparents and children all have different needs. When looking for a home that fits everyone, start with the basics: How many people do you plan on living together? What spaces can be shared and what should be separate? An in-law suite or separate ADU might be perfect to offer privacy for everyone. Bedrooms with separate baths allow everyone to have their own space. But if someone has mobility issues or health problems, then having a bedroom on the first-floor is essential. For aging family members, consider accessibility and mobility issues, like stairs or doorways, and if these can be renovated. If you have young children, you might want to consider the school district around the area you plan on moving to.
How an Agent Is Key in Finding the Right Home for You
Looking for the perfect multi-generational home is a bit trickier than finding a regular house. You’ve got more people, which means more opinions and needs to think about. It’s kind of like putting together a puzzle where all the pieces need to fit perfectly. A Seven Gables agent will talk with you about all of your family’s requirements: how many family members, shared or separate living spaces and accessibility needs. For example, a one-story home might be better for older parents and grandparents to move around, minimizing the risk of falling. By understanding your needs, your agent can find the perfect space that checks all of your boxes.
And after you find your dream home, your agent will guide you through the offer process and negotiate on your behalf to get you the best deal. Whether you’re looking to save money or want to take care of your loved ones, buying a multi-generational home might be a good idea for you. If you’re into the idea of living with loved ones and want all the benefits that come with it, team up with a Seven Gables agent today.
