MIBOR: Considerations for a multi-gen buyer
By Claire Belby
Courtesy of MIBOR
Last year, 13 percent of buyers purchased multi-generational homes. That number may surprise you, but as families accommodate adult children moving back home or care of an elderly family member, the practice is more common than you may think. By some estimates, around 54 million Americans currently live in multigenerational households. Advice abounds about how to emotionally manage those situations regarding communication, finances, expectations, etc. However, the type of home you choose is important as well.
If you are in the market for a new home and have this arrangement in mind – or believe it could be a possibility in the future – let your REALTOR® know right away. This will help your agent look at potential properties with some very specific amenities in mind.
Multi-levels and stairs. Does your adult child need a separate floor? Should you avoid stairs for an elderly parent?
In-laws quarters. Is a separate structure on the property the best choice?
Separate entrance. Is a private entrance important for the adult child or aging parent who needs privacy? Would a private entrance be handy for healthcare workers visiting your parent?
Accessibility. Is a handicapped accessible bathroom a need? If so, make sure the space exists for renovations to accommodate this.
Like all real estate decisions, another consideration is the impact on resale. Will a “house within a house” mean a greater or lesser return should you decide to move? Rely on your REALTOR’s® advice on this one. It will certainly depend the extent of accommodations made to the home and the demographics of your specific community. Your real estate agent can walk you through the options and find a home that fits everyone’s needs.