We will continue to explore advantages as well as look at some potential disadvantages of Multigenerational Living in Part Two of our Website Blog.
The Financial Advantages
Expenses like mortgage, insurance, taxes, maintenance of owning a home can be divided up to cover the costs of one dwelling as opposed to maintaining two separate homes.
The North Atlanta housing market can be pricey with affordable housing at a premium. However, splitting the cost of a single home with your parents is a perfect solution for families where there is a desire for this living arrangement and the family dynamics are conducive.
Finally, if you have aging parents, multigenerational living could be a far more affordable solution than paying for an assisted living facility, nursing home, or senior living facility. The North Atlanta area has huge numbers of beautiful, assisted living homes, but they are extremely costly. Therefore, keeping aging parents under the same roof, even with the possibility of adding professional at home care could very well be a less costly option.
What are the Disadvantages of Multigenerational Living?
It should be stressed that Multigenerational Living is not for every family. The dynamics must be right, and it is recommended to have some pre-determined boundaries in place as well as clearly defined expectations to protect both sub family’s space and time.
Even with safeguards like those listed above in place, typically privacy and personal space may be difficult to obtain.
When finances are merged, the possibility of a change of heart, or simply a work transfer and desire for one family to move out of the relationship can cause difficulties. In other words, the financial ties may be difficult to unravel.
Young children can be too much for aging parents to be around full time, and adult children can feel as if they are in the middle trying to accommodate both their young children and their aging parents.
These are all potential challenges that will need to be taken under consideration if you’re considering becoming a multigenerational household.
Is Multigenerational Living Right for You?
Clearly, multigenerational living has its advantages, but it’s simply not right for every extended family.
Andrea and her team strongly recommend talking in detail with every single family member and then write down a “living together contract with rules and boundaries”. This may sound extreme, but if everyone is on the same page and part of the
process from day one, the potential for a successful outcome goes up tenfold.
Having multiple generations under a single roof can be rewarding on many levels, but make sure it’s right for your family before moving forward. Andrea and her team are currently representing multiple custom builds which are ideal for customizing for multigenerational living.
Andrea and her team would love to help you look for a multigenerational home for you and your family. Contact them today and explore the possibilities for your family.