The concept of sharing a home with extended family members has gained a lot of traction post pandemic. From grandparents and parents to other relatives, more and more buyers are considering the benefits of multi-generational homes. If you've ever considered this living arrangement, you're not alone. Costs of childcare are high and so are many retirement communities, making homes with capabilities for many generations under one roof are appealing. Here are some of the top drivers for the trend and considerations if you are considering buying for multiple generations in the Triangle.
Embracing Multi-Generational Living
According to the National Association of Realtors (NAR), affordability is a key factor influencing the decision to choose a multi-generational home. Here are some of the ways it is more affordable to buy multi-generational.
1. Cost Savings: Many first-time buyers find home buying unaffordable. 28% cite it as a primary reason for opting for multi-generational living because by pooling resources with family members, you can shoulder financial responsibilities such as mortgage payments and utilities.
2. Dream Home Goals: Both first-time (28%) and repeat buyers (18%) are drawn to multi-generational homes because by combining incomes, families can purchase a larger property with more space.
3. Aging Relatives: Beyond finances, 23% of repeat buyers choose multi-generational living to facilitate caregiving for aging parents. Many parents aspire to age in place, and a multi-generational home provides the support and proximity necessary for them to maintain their quality of life while being surrounded by loved ones.
Is there such a thing as a multigenerational home expert in real estate?
Finding the perfect multi-generational home is not as straightforward as shopping for a standard house. Multiple individuals, in different stages of life, create more diverse needs to consider. Partnering with an expert who understands the needs of those aging in place, in addition to the needs of new families can be a significant advantage. Not only do they understand space requirements and layout benefits, they also understand how financing and ownership work for a family's unique circumstances.
Whether you are motivated by the financial advantages of pooling resources, or the practical advantages of having a loved one live in, purchasing a multi-generational home could be a practical solution. If you are considering a multi-generation home in the Research Triangle Park, My NC Homes offers expertise you should consider. With over 60 years of combined experience in the area and in real estate, they can guide you to the best home to harmonize the generations. Contact us today!
Posted by Larry Tollen on
Leave A Comment