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WHY YOU SHOULD LOOK CLOSELY AT BUYING A MULTIGENERATIONAL HOME
Got aging parents or young adult children? Chances are that one or more of these close family members may end up living with you before long. But is your residence ready for the expanded occupancy? If not, you’d do well to consider a multigenerational home.
The National Association of Realtors (NAR) defines a multigenerational home as one in which children over or under the age of 18 and/or aging parents/ grandparents live.
“There may also be different types of family arrangements in a multigenerational home, such as adult siblings or cousins living with you,” says Dr. Jessica Lautz, vice president of demographics and behavioral insights for the Chicago-based NAR.
Interestingly, a recent study by NAR found that 35% of all homebuyers had kids younger than 18 residing at home — an increase from 34% in 2018. The report also found that 12% of homebuyers bought a multigenerational home in 2019; the reasons given included accommodating aging parents (44%), accommodating adult children (34%), and saving money (29%).
“Minority families are also more likely to purchase a multigenerational home. And as the United States becomes more diverse, it’s likely this trend will increase,” Lautz adds.
Paul Foresman, vice president and director of business development for Design Basics in Omaha, Nebraska, which designs multigenerational home floor plans, points to other reasons why more generations of the same family are living under one roof.
“A big factor is longer life spans. Women have a 1 in 7 chance of celebrating their 95th birthday these days. Also, especially with older generations, there is the desire for both togetherness and independence coupled with the fear and high cost of nursing homes they want to avoid,” says Foresman. “Plus, an older occupant may be able to provide child care or be at home when the kids return from school or a professional needs to service or repair the home. And boomerang adult children can take care of routine maintenance like mowing the lawn and provide transportation for other family members.”
Denise Supplee, Realtor, property manager, and co-founder of Spark Rental in Willow Grove, Pennsylvania, went this route and has no regrets.
“I wanted to downsize, although I have had my mother living with us since my father passed away years ago. Recently, my daughter wanted a way to have a more affordable living arrangement. So we combined our efforts and found a home similar to a duplex where we now all live together,” Supplee says.
Another perk to purchasing a multigenerational home is that, even if your boomerang kids or older parents don’t end up living with you for as long as you expect, you can capitalize on a paying tenant.
“With today’s Airbnb model, there’s really no reason not to buy a multigenerational home. You can gain extra income and take advantage of tax writeoffs by renting out your extra space,” suggests Lisa Cini, a Columbus, Ohio-located interior designer and author of “Hive: The Simple Guide to Multigenerational Living” (2017; Iuniverse Inc.).
But Foresman notes that most existing homes today are not amenable to an expanded family lifestyle. For example, many lack enough bedrooms, including a groundlevel bedroom desired by older occupants who want to avoid the stairs; doorways often aren’t wide enough for wheelchair accessibility; and bathrooms are often equipped with bathtubs (which can lead to a slip-and-fall injury) instead of oversize showers with grab bars.
“True multigenerational homes have these kinds of features as well as separated bedrooms for extra privacy and a separate area for entertaining on the main floor,” Foresman says.
If you’re going to be cohabitating with additional loved ones, you’ll likely need to upgrade these and other aspects of your home and/or build an addition, finish your basement, or convert one or more rooms into a different type of living area. If these options aren’t practical, it may be time to consider selling and purchasing a different property that caters to multigenerational living.
“Everyone having their own private spaces is critical to a multigenerational home being a success,” Cini says. “The most important thing to consider before buying one is your collective ability to be flexible and keep the lines of communication open. Identify who will pay for what and be responsible for cleaning, cooking, yard work, etc.”