Real Estate Blog

A Home for All the Family: Buying Multigenerational Property

Multigenerational living is on the rise. There are a number of reasons for extended families wanting to live together. Sometimes the primary factor is the expense of everyone having their own homes. Other times, it's to create a family community where everyone can help each other out. There can be three generations, or perhaps more, in one house. Although multigenerational living comes with its challenges, it can be a great way to buy and own property. Everyone can pool their resources, perhaps with as many as three or more adult couples contributing. You could have a substantial budget, although it will need to buy a larger home. Find the perfect property by considering these factors.


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How Do You Want to Share Space?

If there are going to be several family units living together, you need to consider how it will work. Just how much do you want to feel like you share a home with each other? There are several options for the layout of your home. You could all share one house, with individual bedrooms and communal space shared by all. Another option is to split a property in two. You could add another kitchen or bathroom, so everyone gets their own space. Some properties come with existing annexes or studio apartments. There's also the possibility of having land with several buildings on it.

Where Do You Want to Be?

Of course, the location of your new home is a crucial decision. Many people move far away from their childhood homes. And even if you already live in the same town, you have different needs. What do you do if the older generation wants to be close to nature and the younger generation needs to be close to the city? Of course, taking jobs and schools into account should be the priority. But don't forget to consider your social lives and accessibility to various activities. No one wants to feel isolated in their new home.

Credit: ErikaWittlieb

Working with the Right Realtor

If you want to buy an existing home for two or three generations, it can be hard. There are larger homes for sale that can be suitable, but searching could be exhausting. Finding the right realtor can help you immensely. You need someone who can understand your needs, as well as your wants. They can help you discover what you're looking for so you don't have to do as much work. They'll be more familiar with what's on the market and can let you know as soon as suitable properties are listed.

Credit: Daniel Case

Consider Building a Home

An alternative to buying a home is having one custom built. There are several alternatives to this, although it does mean waiting longer to move in. Instead of having to adapt the property, you can design it as you want it. It could be a home with two separate entrances, two kitchens and two garages. However, be prepared to spend more if you want a custom home.

A multigenerational home could be the solution to many of your problems. Just make sure that you have some rules for living together!

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