What is Multigenerational Living?
The U.S Census Bureau defines the multigenerational home as a living arrangement with more than two adult generations living under the same roof. For example, if you and your spouse decide to live in the same home as your parents, that’s multigenerational living. Some multigenerational living arrangements involve extended family as well.
What we know, partly as a result of the pandemic, is that mutigenerational living is on the rise. In fact, its popularity is at a nine-year high of 15%, according to data from the National Association of Realtors.
Who are the Multigenerational Buyers?
Predominately the scenario are people looking for a home that’s ideal for them and their aging parents.
Should You Remodel Your Home for a Multigenerational Buyer?
If you plan to remodel before selling your home, Andrea and her team think it could be a great move for you to consider remodeling with a focus on multigenerational living. You are perhaps widening your scope of potential buyers
Home sellers should look at their homes from a different angle and consider how what features and attributes they need to add to make it desirable for Multigenerational buyers.
Top Features of an Ideal Multigenerational Home.
- Finished Walkout Basements – ideal for a second entrance
- Fully Functional Kitchen and Bath on a Basement Level
- Accessibility for Doorways and Baths –maximized for mobility for wheelchairs with widened doorways and walk in showers
What are the Benefits of Multigenerational Living? Keeping an Eye on Aging Parents
Families that are close knit, love keeping their parents nearby. They can help them keep up with medications, and closely monitor any health-related changes. It’s often equally advantageous for adult children to have help with childcare and household tasks.
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.
Check back for Part Two of our Website Blog where we will look at more advantages to Multigenerational Living and explore some of the disadvantages as well. In the meantime, if you have any questions, please contact Andrea and her team.
