What’s the latest trend in today’s real estate market? Multigenerational living. You’re asking, what is that anyway? In simple terms, multigenerational living is a household made up of three or more generations living together under one roof. It may sound strange but studies show up to 41 percent of Americans buying a home consider this an option, especially in higher-priced markets.
Hi I’m Sherri Echols, Broker Associate with RE/MAX Bryan – College Station. Let’s cover some pros and cons of multigenerational living shall we?
Pro #1 – Living with your loved ones can help you achieve homeownership by pooling finances together and sharing in the expenses of owning a home.
Pro #2 – It’s so much easier to help each other out! Maybe the retired generation could help with childcare, while the younger generation does more of the physical labor or helps elderly family members who need help with some day-to-day activities.
Pro #3 – Family connection! The little ones can hear all the family folklore, and the older ones are less lonely. Everybody shares in the cost, the labor, and the fun stuff too!
Now let’s cover some cons
Con #1 – Not everybody will have a private bathroom.
Con #2 – Space and privacy may be more limited
Con #3 – Conflict is bound to arise. Open communication and having some ground rules is going to be uber important.
If you and your family are looking to extend your purchasing power, or you are a family needing to bring some elderly parents in and need more space give me a call! I’m here to help you.
I’m your Community Market Leader Sherri Echols, a helping hand for a happy home.
