Is a Multi-Generational Home Right for You?
Ever thought about living in the same house with your grandparents, parents, or other loved ones? You’re not alone. A lot of people are choosing to buy multi-generational homes where everyone can live together. Let’s check out why they think it’s a good idea to see if it might be a good fit for you, too.
Why People Are Choosing Multi-Generational Living
According to the National Association of Realtors (NAR), here are just a few key reasons buyers opted for multi-generational homes over the past year (see graph below):
Two of the top reasons had to do with aging parents. 27% of buyers chose multi-generational homes so they could take care of their parents more easily. And 19% did it to spend more time with them. A lot of older adults want to age in place, and living in a home with loved ones can help them do just that. If your parents are hoping to do the same, but need a bit of help, a multi-generational home may be worth considering.
But buying a multi-generational home isn’t just about being close or taking care of the people you love—it can save you money, too. 22% of buyers say they picked a multi-generational home to cut down on costs, and 11% needed a bigger house multiple incomes could afford together.
Sharing costs like the mortgage and utilities can make owning a home more affordable. This is especially helpful for first-time homebuyers who might find it challenging to buy a place on their own in today’s market.
As Axios explains:
“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”
How an Agent Is Key in Finding the Right Home for You
Looking for the perfect multi-generational home is a bit trickier than finding a regular house. You’ve got more people, which means more opinions and needs to think about. It’s kind of like putting together a puzzle where all the pieces need to fit perfectly.
If you’re into the idea of living with loved ones and want all the benefits that come with it, team up with a local real estate agent who can help you out.
Bottom Line
Whether you’re looking to save money or want to take care of your loved ones, buying a multi-generational home might be a good idea for you. If you want to find out more, let’s talk.
Michael Mahoney
617-615-9435
mike@mmahoney.com
MA. License #9051300
Real Broker LLC License #423031
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I am Michael Mahoney, a full time Realtor in Greater Boston focused on Norfolk & Suffolk Counties. I have been helping people fulfill the “American Dream” through home ownership, real estate wealth building, and real estate investment for over 2 decades.
My goal is to help people “go from the life they have to the life they dream about” using real estate as means to build wealth and financial security. If you want to make a change, I help people go from the “what if” to the “what is”.
I work in all price points. The majority of my business is repeat clients and the referral of clients from all over Eastern Massachusetts.
I view my role as the advisor who helps people go from the life they have to the life they dream about. I help people go from the “what if” to the “what is”
I have sold everything from mobile homes to amazing estates. I have sold hundreds of homes, multi families and condos in almost every town in Suffolk and Norfolk County. I also sell homes in Plymouth, Bristol and Middlesex Counties. When asked what my specialty is, I often joke and say “from section eights to great estates”.
There is no property too small or too large in the residential space that I would shy away from.
All of my personal sales and marketing endeavors are supported by top-of-the-line personal market research completed carefully with expertise in order to create strategically targeted marketing collateral and campaigns for clients. I personally have a stand by commitment of 7-days a week for my clients. I aim to cultivate my own reputation for quality, professionalism and your results.
From selling hundreds of homes in Greater Boston comes experience and situational awareness that can only be developed over time which is a tremendous value to clients.