Is a Multi-Generational Home Right for You?

Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. With costs increasing, aging relatives and the need for additional help raising a family, a lot of people are choosing to purchase multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too.

Why People Are Choosing Multi-Generational Living

According to the National Association of Realtors (NAR), there are just a few key reasons buyers opted for multi-generational homes over the past year. Two of those top reasons had to do with 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. 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% needed a bigger house multiple incomes could afford together.

Sharing costs like the mortgage and utilities or pooling your funds for a larger down payment 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.

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. For example, often times multi-generational buyers need a home with at least one bedroom and full bathroom on the first floor.

If you’re into the idea of living with loved ones and want all the benefits that come with it, let Arrive Real Estate Group help you. We can search through the MLS and preview homes to see if they would work for you in advance saving you time and energy. The bottom line is 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. Contact us today to learn more about how we can help make your real estate dreams come true!