Why Multigenerational Housing is the Next Trend in Real Estate

By
Real Estate Agent with Long and Foster Real Estate, Richmond Virginia 022 600 969 6 Virginia
https://activerain.com/droplet/5j5H

With more and more families combining generations under one roof, home buyers are often seeking a house that can accomodate a diverse and growing family. Research says that one in five homes is a multigenerational household

At Treehouse Realty VA, a Long & Foster Gold Team, we understand how buying a multigenerational home differs from a typical home purchase. With so many more people involved in the transaction, there are more needs to be met and more terms to be negotiated. Our experience working in the active adult community and helping clients to downsize, as well as with helping younger growing familys move up to a larger home, makes us knowledgable when it comes to combining different generations of one family under the same roof.

While searching for the perfect home can be overwhelming, asking the right questions will help narrow down your search:

  • Will any older adults, such as parents or in-laws, be living with your permanently, or temporarily? 
  • Does the home need to be handicap accessible?
  • Do any members of the family need their own private bathrooms?
  • Which members of the family, if any, may need to have a bedroom and bathroom on the first floor?
  • Are any children leaving for or coming home from college soon?
  • Will extra space be needed as the children grow?

In addition to these questions,  you will need to consider the criteria used in any other home purchase, such as location, school districts, number of bedrooms and baths, yard, any applicable homeowners association perks and dues, etc. Having the right agents in your corner makes finding a home that meets all your needs much easier. We also have a great network of contractors who can help make changes to the home you find if it needs a few extra touches, such as knocking down walls, adding ramps, and more. 

Don't wait to start looking! If you know there is a chance your aging parents or other adult family members may be living with you in the future, go ahead and seek out those larger homes with downstairs masters now to avoid having to make another move in the future.

While having the whole family in one house can be fun and help to save money, it can also be stressful at times. One tip is to look for a home where the master suite is at the other end of the home, so there is more privacy. Homes with a finished basement or third floor are also great, because those spaces can be used as a teen's bedroom or hangout space to give them a little more freedom. 

Don't be afraid to customize! If you don't find the perfect home right away, consider getting a renovation loan to add an addition to a home you like, but that doesn't meet all your criteria. This is a great way to "build" your dream home without waiting 6 or more months for new construction. 

Make sure every member of the family has a say in the new home. Moving can be stressful for everyone, including your aging loved ones and your young children. Have each member of the family write up a list of what they hope to find in their new home, and try to purchase a house that has a least one quality that each family member was looking for. We have "home evaluation checklists" that our clients can fill out at each home showing to keep a record of which features they liked and did not like at the homes. 

One of our most recent listings in the Chesterfield, Virginia area is a perfect example of a multigenerational home. With well over 4,000 square feet, an attached 3 car garage, and a finished 3rd floor, 12208 Sylvan Ridge Place in Chesterfield, VA has plenty of room for extended family. The home also features a spacious upstairs office for family members who work from home and require privacy, and a media room so that the whole family can gather together after a busy day and enjoy a movie. Don't forget a great yard for kids to play and adults to entertain in! This home is large enough that everyone can have their own space but still be close by. 

Finished third floor- great for playroom, office, or teen bedroom

In short, multigenerational housing can benefit all members of the family, and should not be overwhelming if you use the right agent. If you are interested in learning more about this home or about multigenerational housing in general, we would be happy to speak with you and your family today. 

Posted by

WandaFears, Realtor ABR CRS GRI WCR

Richmond, Va. Long and Foster Realtors

www.wandafears.com
wanda@wandafears.com


804-909-2777

www.facebook.com/wandafears

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Rainmaker
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Sonja Patterson
Keller Williams - BV - College Station, TX
Texas Monthly 5-Star Realtor Recipient for the Hou

Great post Rhonda! As many people are living well into their 80s and 90s and families have kids later in life, I can see how the trend is moving towards multi-generational households!

Apr 18, 2019 11:02 AM #1
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