You Ask, We Answer: Is a Multigenerational Home Right for Me?
If you’ve been thinking about purchasing a multigenerational home, the first step is to contact a Calcagni Real Estate agent. As they’ll tell you, there are many reasons to buy a multigenerational home, and just as many things to consider before you do. Here are a few things to think about when deciding if a multigenerational home is right for you. Read on, then be sure to discuss with your Calcagni REALTOR!
What is a multigenerational home?
A multigenerational home, according to Pew Research Center, is defined as “including two or more adult generations (with adults mainly ages 25 or older) or a ‘skipped generation,’ which consists of grandparents and their grandchildren younger than 25.”
In short, a multigenerational home has family members that extend outside of parents and their children, and can include people of all ages.
What are the reasons for buying a multigenerational home?
There are many reasons why homebuyers gravitate to multigenerational homes in Connecticut, and they are as personal and varied as any home buying decision. If you are curious about how a multigenerational home would fit into your lifestyle, some popular reasons for buying one might include:
It makes financial sense
For many homeowners considering the purchase of a multigenerational Connecticut home, financial factors are at the heart of the decision. Living with extended family members can help reduce the amount of rent or mortgage payments, help defray utility costs, and help cut back on overall living expenses, such as caregiving. Which brings us to the next reason homebuyers consider multigenerational homes…
It may help with caregiving
Living in a multigenerational home can be appealing to those families who have caregiving needs. From adult children caring for their aging parents to grandparents who babysit and care for young grandchildren, family members living under the same roof can help pitch in with caregiving needs, thus saving money, time, and the stress of finding outside caregivers.
It may work to ease loneliness
Choosing to live in a multigenerational household may also, for some family members, help to ease loneliness. From elderly parents who have lost a spouse to younger family members who are saving for a home of their own, living in a home with multiple generations of family members can provide socialization, a sense of belonging, and the rewards of learning from those with different life experiences.
5 things to consider before buying a multigenerational home:
As is always the case with buying a home, there are many things to consider before signing on the dotted line. When considering purchasing a multigenerational home:
1) Know your priorities
Knowing what matters to all members of your multigenerational household now–as well as planning for the future! –can help you move forward in the purchase of a multigenerational home. Consider accessibility needs, the type of kitchen that will be the most functional, whether or not someone needs a home office or a playroom, and if outdoor space will be shared. And be sure to think about evolving needs as the children grow and grandparents age, as well. Having flexibility to accommodate changing needs can go a long way in mitigating stress as time goes by.
2) Think about square footage
Thinking about the amount of square footage that will keep everyone comfortable is an important part of buying a multigenerational home. Consider privacy: Will there be an in-law apartment? Will there be several shared living spaces that allow people to retreat separately to unwind? Is there an extra bedroom that can function as a guest room or office now, but will serve as a flex space as the family grows or its needs change? Square footage is a critical consideration before buying any home, and especially one that will house multiple age ranges with myriad needs.
3) Bathrooms, bathrooms, bathrooms
Having enough bathrooms can be a challenge in a single family home–and even more so when there are several generations living under one roof. Before investing in a multigenerational home, be sure to consider if there will be enough bathrooms for several adults to use regularly, or to also accommodate children (i.e., you may need one bathroom with a tub, for instance).
4) Look at the layout
When considering a multigenerational home, look at the layout. For many families with aging family members, ranch-style, one level homes are a smart investment, as are homes with wider door frames. Perhaps you love an open layout, but the thought of having rooms with doors to close against noise or clutter will be more rewarding and relaxing in the long run. Imagine yourself in the space as your lifestyle dictates now, then think about how your needs may evolve in the future–and how the layout of the home will hinder or help support those needs as time goes by.
5) Know your local laws
Last but not least, it’s important when buying a multigenerational home to know your local laws. You want to be clear on the number of people allowed to legally occupy your home, and you want to understand the local codes for renovations or home additions, including accessory dwelling units. Pay special attention if the home you’re interested in has a septic tank, as its functionality can be greatly impacted by the number of people living in a home. Your Calcagni Real Estate agent can help get you the information you need to understand the local building and occupancy codes in your town.