Two Questions To Ask When Buying A Home For Multiple GenerationsShare
About 2.7 million adults have moved in with their parents (or grandparents in some cases) due to the pandemic. However, even before coronavirus fundamentally changed how people lived and worked, it was becoming common for homes to contain multiple generations of people. If multigeneration living is going to be a permanent situation for you, here are a couple of questions to ask to help you find the home that fits your family.
How Much Privacy Does Each Person Need?
Multigeneration homes typically contain a wide range of ages from grandparents to grandchildren. The first thing to consider is who in the family needs privacy and who can share space with others. Answering this question can help you choose a home that meets everyone's needs and reduce the type of conflicts that can arise when a lot of people live together.
For example, if your parents are living with you, you should get a home with an in-law apartment that contains a small kitchen, bathroom, and separate entrance. This will give them a sense of independence but still let them remain close enough to care for and visit. On the other hand, underage kids typically only need their own bedrooms and may even share a room with siblings if they're young enough.
It's important to factor in how your needs may change during the time you're in the home. Your kids will get older and will want more space and privacy while your parents may become infirm and need to move to a first-floor room. Look for a home that can easily be rearranged according to your needs.
Who Will Be Contributing Financially?
Another thing to consider is who will be making financial contributions and how much because this can affect how much big of a mortgage you'll get approved for. If your adult children will be paying rent, for instance, you can use that potential income to get a bigger house than you would otherwise afford on your own salary.
Be aware, though, you may be required to add people to the mortgage application, depending on the type of financial contributions other people in the home will be making. If you want the bank to consider your parent's retirement income because you don't make enough on your own, your parents may have to be on the mortgage papers as well.
It's important to discuss the issue with a real estate agent who can advise you on the best way to handle income claims to avoid problems down the road.
For more tips on buying a home for sale for a multigenerational family, contact a real estate agent in your area.