Real Estate Tip – Sharing a Home with Extended Family
Multigenerational living is a trend that continues to gain popularity!
A growing number of buyers are looking for homes that will accommodate extended family in order to reduce costs and bring them closer together.
A primary reason is that debt saddled millennials oftentimes can’t afford their own place. This is especially true given the rising price of homes.
From a social perspective, feelings of isolation and loneliness are often alleviated when grandparents live with extended family plus it’s much easier to care for an ailing parent when you’re living under the same roof.
The shift has also been fueled by parents wishing to cut childcare costs. Having a live-in babysitter is extremely helpful and the close relationship children build with extended family is a huge bonus. Conflicts can however arise when relatives live in close quarters so here are a few things to consider:
- Know Your Needs – Think about the type of home that will best suit your situation. Garage apartments, in-law suites and refurbished basements are all popular options. Spacious rooms to accommodate large family gatherings are also a huge plus.
- Buffer Zone – Determine how much space you’re willing to share and discuss boundaries and what exactly constitutes privacy. You don’t want to constantly be arguing about how your father-in-law hogs the bathroom every morning!
- Be Clear – Agree on each family member’s obligations in advance such as childcare, cooking, cleaning, etc. so that everyone’s clear from day one. Regular house meetings will also help minimize disagreements.
Multigenerational living is definitely becoming more and more popular. The key to successfully living under the same roof is being able to compromise, to have mutual respect for one another and to have an open line of communication. If this can be achieved, living with extended family can be a true joy!