Let’s be honest, friends, costs are (and have been) rising. Perhaps you’re looking for that magical solution that allows you to share expenses, live close to your loved ones, and own a home? If that ticks all your boxes and tickles your fancy, you might be interested in a multigenerational household — buying a home and living with siblings, parents, or grandparents. A multigenerational household is home with two or more adult generations and they have been gaining popularity in the US in the past 50 years. As I mentioned, the benefits of multigenerational households are amazing. If you are considering this option for your own home search, here’s how it could help you on your homeownership journey.
Living with Loved Ones Could Help You Achieve Your Homeownership Goals
Choosing to live with past or future generations of your family is a big (and personal) decision. Big. Huge. While it isn’t for everyone (if you need a buffer zone, this option is not for you), by far the biggest benefit of multigenerational households is financial. It doesn’t take much to figure out why — there are fewer expenses associated with the home buying process, when there are more people involved. It also helps first time home buyers get support from older generations, while benefiting them both. By pooling their incomes together to make that purchase, they may be able to afford a home they couldn’t on their own. So great, right?
Other Key Benefits of Multigenerational Households
While the financial benefits are fantastic, the other fairly obvious plus, is that you will see your loved ones more often. Living in the same household gives you more quality time together. Cohabitating can also assist with caring for family members, whether older relatives or younger.
Does this sound like a solution that you need in your life? Then it’s time to work with a trusted real estate professional (hi, my name is Bethany!) to discuss your needs. They can help you navigate the process to find the right home for you and your loved ones.
More people are discovering the amazing financial and personal benefits of multigenerational living. For the best information and help deciding what’s right for your personal situation, let’s connect and start the conversation today.