Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, youre not alone. More buyers are choosing to go this route and buy a multi-generational home. Heres a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

Accordingto theNational Association of Realtors(NAR), two of the top reasons buyers are opting for multi-generational homes today have to do withaffordability(see graph below):

First-time buyers are focused most on cost savings with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable.This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in todays market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that bigdream homewith more space could be more within reach.

But multi-generational living isnt just about the financial side of things.According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For thoseolder adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. AsAxiosexplains:

Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents parents).

Lean on an Expert

Finding the perfect multi-generational home isnt as simple as shopping for a regular house. Thats because there are more people with even more opinions and needs to be considered.Its like solving a puzzle, and the pieces need to fit just right.

So if youre interested in the many benefits multi-generational living offers, partner with a localreal estate agentwho has the expertise to help.

Bottom Line

Whether your motives are financial or focused on the people youll share your home with, buying amulti-generational homemay make sense for you. If youre interested in learning more, call me, Marie McLaughlin 727-858-7569.

Source:https://www.keepingcurrentmatters.com/2024/01/25/the-top-benefits-of-buying-a-multi-generational-home/