The Rise of Multigenerational Homes
Home affordability may be a problem for some Gen X’ers and Millennials. These two generations in particular are facing an added responsibility: their children are young and still living at home, or just returning from college, while their parents are aging quickly and in need of medical attention. But homeownership doesn’t have to be out of reach for those who find themselves in this situation. Here are a few reasons why some are embracing multigenerational homes, and why you might love living in one, too.
It Could be More Spacious and Cheaper Than You Think
The thought of sharing your home and sacrificing privacy, all while negotiating chores with your parents and children, sounds like a major headache. The same goes for putting together written agreements to determine how each family member contributes to the home. Thankfully, demand for multigenerational homes has risen to a point where builders are considering these issues.
It’s now very possible to accommodate the particulars of varying generations in a single home, especially if you choose to design and build your ideal multigenerational home over renovating your current one. Building a new home could also be cheaper than renovation. From dual master bedrooms to building two smaller houses on the same lot, there are endless ways to live together while also being able to spread out.
Now is the Time to Consider Moving-In Together
The idea of communal living and keeping the family together has plenty of appeal on its own. Even before COVID-19, multigenerational homes were growing in popularity. The current global pandemic, however, is sure to cause most families to embrace the idea of sheltering together.
Now, add in the Census predicting a population of 73 million Baby Boomers in the U.S. by 2030. It seems clear that this is the time to talk with older family members about aging-in-place near you and their grandchildren. Voluntarily preparing a multigenerational home today saves you the trouble of having to do so later when long-term care facilities might not be as easy to move into.
But don’t just think of reasons that are “forcing you” together. Having the support of loved ones, closer than even a phone call away, is enticing. Watching your children interact with and learning from their grandparents on a daily basis is another gift.
We at Open Mortgage are always here to answer your questions about home financing, whether it’s about purchasing/building a new multigenerational home or renovating your current house. You can explore our website to learn more and to start speaking with experienced loan professionals today.