I wasn't expecting to write about this, but recently I spoke to a friend of mine, and he mentioned getting help from family to purchase a home. Also came across an ad of Facebook, and just like that my writing inspiration is created.
So what is multi-generational living? It is exactly what it sounds like, multi generations living under one roof. It is taking "Everyone Loves Raymond," one step closer 😁
The number one benefit of this, is being able to afford more, which can prove to make a huge difference in this market. If you are adding additional adults most likely you are adding additional incomes, which means more money to the mix.
Now my friend wasn't thinking this concept completely. His family member isn't planning to move in with him, but adding her does increase what he can afford too.
According to news sources, multi-generational living is making a comeback. Partly because of the effects of the pandemic, and the current market prices and interest rates.
As a Realtor, I am seeing those effects first hand. I mentioned my friend, but I also saw an entire family of 8 show up to an open house recently. Parents, kids, and yes grandparents, maybe even an aunt and uncle too.
With prices continuing to be high, and interest rates too. People are looking at alternative ways to afford buying a home. This is a proven way to do so, that worked years ago, and is working now.
Money isn't the only reason to get everyone together under one roof. This sort of living creates a supportive atmosphere among everyone involved. An interconnected family unit if you will.
It increases social interaction,divides responsibilities, and pools resources ei money among other things from everyone. So besides the financial reason, there are number of others to consider.
There is the traditional culture reason. In some cultures it is tradition to have an entire family live under one roof. In fact my neighbor's eldest son, just got married and is living with his wife all in the same home.
In their culture it is the duty for the eldest son to take care of the family. That is why they are all living under one roof. Here in the US most kids take care of their parents once they get old, but believe me my neighbor is not old or in need of any care. This move is a traditional cultural move.
As I just mentioned another reason to have everyone under the same roof, is grandparents are getting old and their kids want to take care of them. I know some families who have converted garages into one bedroom apartments to do so.
Another reason is the reverse, childcare. Who is a better babysitter than Grandma or Grandpa. Many parents rely on their parents to give them a hand, some will even have them move in.
One more reason, which was discussed earlier. Grandparents will simply move in to have a stronger family bond, for no other reason than that. Everything else is icing on the cake.
The point is there are several reasons to have everyone under one roof. Although money is one reason it directly and indirectly effects all of the others.
Not only can you afford more by having everyone under one roof, you can save a lot too. You'll be saving thousands if not 100's of thousands on elderly care and child care for starters.
If you are considering making a move to buy a bigger home or any home, and find this method enticing. I can help you get started, and soon you to can have your entire family under one roof.
