Is a Multi-Generational Home Right for You?

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Ever considered living in the same house as your grandparents, parents, or other loved ones? You are not alone. Many people are opting to buy multigenerational homes in which everyone can live together. Let's find out why they think it's a good idea and see if it's a good fit for you as well.

Why are people choosing multigenerational living?

According to the National Association of Realtors (NAR), here are just a few key reasons buyers chose multigenerational homes over the past year (see graph below):

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Two of the top reasons were related to aging parents. 27% of buyers chose multigenerational homes to make it easier to care for their parents. And 19% wanted to spend more time with them. Many older adults prefer to age in place, and living at home with loved ones can help them do so. If your parents want to do the same but need a little help, a multi-generational home might be worth considering.

However, purchasing a multi-generational home can save you money in addition to being close to and caring for the people you love. 22% of buyers chose a multi-generational home to save money, while 11% desired a larger house that multiple incomes could afford together.

Sharing costs such as mortgages and utilities can help make home ownership more affordable. This is especially useful for first-time homebuyers, who may find it difficult to purchase a home on their own in today's market.

Axios explains:

"Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents)."

How an Agent Helps You Find the Right Home

Finding the perfect multi-generational home is a little more difficult than finding a regular house. You have more people, which means more opinions and things to think about. It's similar to putting together a puzzle, where all of the pieces must fit perfectly.

If you're interested in living with loved ones and all of the benefits that come with it, contact a local real estate agent who can assist you.

Bottom line.

Whether you want to save money or care for your loved ones, purchasing a multi-generational home may be a good option for you. If you want to learn more, let's talk. 

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