While we’re still dealing with the repercussions of the pandemic, low inventory, and increases in inflation and mortgage rates, many buyers have decided to live with their parents and/or grandparents to save money. Regardless if they are first-time or repeat buyers, the current market conditions have them making this decision to not only help themselves but also help take care of their older family members.
Let’s dive into a few benefits of multi-generational homes in the current market and see if it might be a good fit for you as a buyer.
Stronger Bonds
One of the most significant benefits of multi-generational living is increased connections with your loved ones. Sharing a home with someone means spending more time with them and seeing them daily, leading to more togetherness. While this might seem like a lot of family time, most multi-generational homes include two separate but connected units, including a fully-functional floor plan and a secondary unit with all the regular home features you would expect. These floor plans allow you to spend time with your family and have the freedom to have your own space when needed.
Shared Expenses & Responsibilities
Another huge benefit to multi-generational living is shared costs and responsibilities. Not only are you spending less money on the big things like your mortgage and utilities, but also home supplies, yard maintenance, and more. In addition, more people in one home means more people to handle household chores and responsibilities. Distributing chores accordingly is a great way to ensure everyone does their part to keep the home clean and tidy. If you have young adults or teenagers living in the home, they can help with things like mowing the lawn or snow removal to help save money on expenses.
Ensured Safety
More people looking out for each other is never a bad thing, so living together means someone is usually there to look after someone else. This is great for families with younger children or elderly family members who have trouble taking care of themselves or performing daily tasks. In addition, this saves money on things like child care and adult daycare if someone is always available to watch over the children and elderly adults.
Multi-generational living is not a new trend, but it’s something to consider if you’re navigating the current market. Listed by Wendy Mitchler at Century 21 Hellmann Stribling, this property in Leander is an excellent example of a multi-generational floor plan. If you have any questions or are wondering if this is a good fit for you, please contact us! We would love to see how we can help you!
