Friday, January 26, 2024   /   by Va Marketing

The Top Benefits of Buying a Multi-Generational Home

Are you considering the idea of living under one roof with your extended family, such as grandparents, parents, or other relatives? If so, you're part of a growing trend. More and more buyers are opting for multi-generational homes, and here are some key reasons why, to help you decide if this type of home is right for you too.

Why Multi-Generational Living is Popular

The decision to invest in a multi-generational home is often driven by affordability, as highlighted by the National Association of Realtors (NAR). According to their research, affordability is a top priority for both first-time and repeat buyers (refer to graph below):

For first-time buyers, the focus is primarily on cost savings, with 28% citing this as a key reason. By sharing financial responsibilities like mortgage payments and utilities with others, buyers can make homeownership more attainable, particularly in today's challenging market conditions.

Additionally, buyers are choosing multi-generational homes to fulfill their dreams of owning a larger home. This is especially true for both first-time (28%) and repeat buyers (18%). Pooling incomes with family members allows them to afford a spacious home with more amenities and space.

Beyond financial considerations, multi-generational living also addresses caregiving needs, with 23% of repeat buyers opting for this setup to facilitate care for aging parents. Many older adults prefer to age in place, and a multi-generational home offers them the opportunity to maintain their quality of life while being surrounded by loved ones. As noted by Axios:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”

Expert Guidance Matters

Choosing the perfect multi-generational home involves more complexity than shopping for a traditional house. With multiple individuals and their unique needs and preferences involved, finding the right fit is akin to solving a puzzle. That's where the expertise of a local real estate agent comes in handy. They can guide you through the process and ensure that all the pieces align perfectly.

In Conclusion

Whether your motivations are financial or driven by the desire for close family ties, a multi-generational home could be the right choice for you. If you're curious to learn more about the benefits of multi-generational living and how it could fit your lifestyle, let's connect and explore your options together. ????‍??‍??‍?? #MultiGenerationalLiving #RealEstateTrends #FamilyFirst