Multi-generational Living is a Must for Many Charlotte Homebuyers
How Charlotte Homes are Changing to Accommodate Multi-Generational Living
More and more Charlotte homes have more than one generation living under one roof. Whether you have an in-law moving in to save money or an adult child returning after losing a job, you’ll appreciate a growing line of new homes marketed to multi-generational families. Here are some of the features you can find in this new generation of Charlotte homes:
- An attached one-bedroom suite with a private living area, bathroom and kitchenette. The suite typically has a separate entrance or, possibly, its own garage and a locking door between it and the main house.
- A detached guest house.
- Two master bedrooms, so adults can share one Charlotte home.
Multi-generational configurations that work best focus on privacy and accessibility. Look for a builder that uses universal design products, which provide accessibility for people of all ages and abilities. Some builders are offering multi-generational homes with second master bedrooms, kitchenettes and separate entrances.
Suppose you’re buying a home. And suppose, also, that you have a parent, parents or an adult child who would like to live with you. If buying a home together sounds like a smart move to you, you’re not alone.
A recent study* by the National Association of Realtors (NAR) found that one in five home buyers aged 52 to 61 purchased a multi-generational home last year. Here are the top reasons buyers purchase a multi-generational home.
The multi-generational trend isn’t new at all but, it is certainly on the rise. According to a Pew Research analysis of U.S. Census Bureau data, the proportion of 25- to 34-year-olds who live in such households has increased significantly since The Great Recession, to the highest level since the 1950s.
*In 2017 National Association of REALTORS® Home Buyer and Seller Generational Trends, “The most common reason for purchasing a multi-generational home for all age groups was for the health and care-taking of aging parents.”
Many home buyers cite financial reasons as the cause for their multi-generational home purchase. It’s often more economical than elderly parents absorbing the cost of a retirement facility or a recent college graduate paying rent for his/her own place on a more often than not, limited college grad income.
THE NITTY GRITTY
Forget the finest of appointments and the updated ‘everything’ that most home buyers are in search of these days. The multi-generational home buyer is more interested in space - layout is really all that matters; the updating & finer appointments can come later.
A good sized home with two masters - more likely, one upstairs and one down - seems to be the biggest seller in the Charlotte area. Initially most wanted two bedrooms on the main level - the second one didn’t really need to be a master-sized room but, both the master and the ‘parents’ room needed to be on the main level. Some buyers still will accept that option but, most prefer the two larger masters - everyone wants their own space for separation & privacy.
It’s very important that everyone have their own space, whether it’s a basement ensuite, separate living quarters in a detached space or multi-level master ensuites. Homes listed with flex space that can be remodeled to allow for multi-generational living are quite popular to many home buyers.
Location is important, too, especially if the oldest generation is still quite active. Many no longer drive so, walk-ability is key. Perhaps living in an area by the light rail is another option for them. Far more planning begins once you’ve established the location that suits all the generations that will be under the same roof.
LOCATING THE PERFECT HOME
If you’re in the market for a home to share with your adult relatives, here are some tips to make this arrangement work for you and your family.
- Let’s first talk about the must-haves and would-likes. What can you live without? What do you really have to have?
- Some home builders have accommodated the multi-generational housing trend by including an accessory apartment with a new house. The apartment is intended to house a relative with a separate entrance, separate kitchen, sleeping quarters and living space. Older homes are less likely to be able to immediately facilitate this layout.
- If you’re interested only in homes with basements that can house one generation with a private entrance, we may be a bit limited here in Charlotte and this may take some time to find. Currently a few of our semi-custom home builders have a few basement lots and build-time is approximately 6-8 months.
- Resale homes with basements in Charlotte are not as plentiful in our area as they are in other areas of the country but, these are great options for multi-generational buyers, seeking a quick move.
- ADUs (Accessory Dwelling Units) are an option for resale homes. These are also known as granny-flats, guest houses or in-law suites that are built on the property of the main house. These can be very quickly erected and with our aging society, will be great investments when you re-sell your home as they are already in great demand - as you've probably already noted.
An increasing number of studies affirm the benefits of being part of a multigenerational household. These benefits aren’t just for the grandchildren, but for the grandparents as well. According to these two resources:
“Children who are close to their grandparents have fewer emotional and behavioral problems and are better able to cope with traumatic life events, like a divorce or bullying at school”.
“Researchers found that emotionally close ties between grandparents and adult grandchildren reduced depressive symptoms in both groups."
If you’re searching for housing for an extended family, or feel you soon may be, let's talk about purchasing a multi-generational home. Call or text me today at 704-491-3310 or email me at DebeM@remax.net.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Multi-generational Living is a Must for Many Charlotte Homebuyers