The idea of having grown kids and other family members moving into one home are changing. Multigenerational homes are becoming more and more popular. Homeowners are seeking to add on to their home or buy bigger homes to accommodate their family members. Parents, grandparents, college kids, and young couples with families are moving back home or buying a place with their family. While it may seem uncomfortable to live with so many people in one place, there are actually some great benefits in owning and living in a multigenerational home.
One of the huge benefits that comes with living in a multigenerational home is the cut on the cost of living. Mortgage and utility costs are shared allowing each family member to save more money and have more flexibility to do the things they love. Transportation costs can be cut a little too. Since you’re no longer traveling to go see the family who have now moved in with you, you can save money on the gas that would be spent driving there or on the cost of buying a plane ticket to fly out and see them. Another cost benefit, you have a “built in” babysitter so to speak. We’re sure your family members will be more than happy to watch your kids for you to have a night out or to run some errands.
There are a few different ways that you can go about dividing up the home for each family members needs. Attached guest units can be added on to the home, basements can be turned into a guest suite, and rooms can be remodeled to fit your needs. Another alternative is to buy a bigger sized home and divide it up that way. An important thing to remember though, is everyone needs privacy. Each family in the home needs to have a space they can be in with just their immediate family members. A space also needs to be created for each family to spend time with their extended family members. A good way to go about this is to leave the main kitchen and living room in the home open for anyone to use at any time. Then add a kitchenette in the guest units or guest suites. It’s not very costly to put in a small kitchen. If possible, try to have a small living or sitting area in each family’s space in the home. This really divides up the spaces and allows families to have breaks from each other.
As parents and grandparents age it gets more and more difficult for them to be on their own. By living in a multigenerational home you don’t have to worry about them not being taken care of. This is a great alternative to putting your parents or grandparents in assisted living. While assisted living facilities are great, they are costly. With your parents or grandparents living with you, you can easily take care of them while also allowing them to have their own space. This is also a great way for kids to create a better relationship with their grandparents or older relatives.
Multigenerational homes aren’t for everyone. But for those who want to be closer to their family this is a great option to consider. These homes also have a good resale appeal because they are becoming so popular. We love the idea of family living together and bonding. It’s a great way to be with each other more often but still have your own space.
What do you like or dislike about these types of homes?