Let’s say you are thinking about buying a new home and maybe you have older parents or your child who’d like to live in your home with you. Why not buy a home together as a family? Recent studies suggest that 14% of U.S. home purchases last year involved a multigenerational household of adult children, plus parents, grandparents or both. The multigenerational housing trend isn’t new, but now it’s on the rise – so if you are thinking about getting a multigenerational home, here are a couple of tips on how to start.
1. Agree on a Budget – discuss with your partner and family the ideal budget for a new home. Make sure you choose a range that you can afford. Try to keep your house payments to 25% of your income (33% at the very most.)
2. Consider space and privacy – Multigenerational homebuyers on the hunt for a suitable home need to focus on what their needs are, a list that’s likely to involve space and privacy. Think about the home layout and placement of the bedrooms. Also, be creative about the space – If there aren’t that many bedrooms maybe you can take this second living area and make it into a bedroom? It’s very important that everyone has their own space.
3. Consider area and environment – location is very important, especially if the older generation is still more active than elderly. The younger the parents, the more they want to be closer to town and local attractions. Ask your kids what’s most important to have in their new home. You may be surprised at how helpful their answers will be.
4. Think about bathrooms – It’s important to have separate bathrooms, if possible, for the boys and the girls. Adequate bathrooms are actually more important than the number of bedrooms. Make sure you and your partner have your own bathroom, separate from the kids and your parents.
5. Master bedroom should be your space – look for privacy in the master bedroom. It’s helpful to find a house that has the master bedroom sectioned off from the other bedrooms, if possible. You and your new spouse need your own space, too.
For more information on architectural homes, lots and condos visit Darrell Done at www.darrelldone.com.