Purchasing a house is expensive. Not everyone has the money to put down 20 percent. One of the ways to make it easier to afford a house is to live in a home with multiple generations. Some people decide to move back in with their parents because they might have a difficult time affording a mortgage and student loans. Some parents move in with their children because they have health-related issues that need to be addressed. Now, multi-generational homes are becoming more common.
An Overview Of Multigenerational Homes
First, it is important to define a multigenerational home. This is a home that has two or more generations of adults living in the same building. Parents raising children does not qualify as a multi-generational home; however, if you add grandparents to the mix, now this is a multi-generational home. It is important to take a closer look at some of the reasons why people are living in multigenerational homes.
The Benefits Of This Lifestyle
There are a number of significant benefits that come with living in a multi-generational home. Of course, it improves the financial situation because there are multiple incomes being put toward homeownership expenses. There are a variety of other benefits as well. For example, living in a multi-generational home improves bonds with family members and makes it easier to care for individuals with health problems. This also makes it easier to help kids go through school, and it can have a positive impact on mental and physical health.
The House Should Be Larger To Accommodate Everyone
Because there are more adults living under a single roof, it is important to make sure the house is large enough. Everyone deserves to have some level of privacy, and this might mean the house has to have more bedrooms and bathrooms. It might also be helpful to have a basement or a mother-in-law suite.
Consider Multigenerational Homes
In the end, these are just a few of the numerous benefits and considerations people need to think about if they are considering living in a multi-generational home. If you are looking for a way to make the cost of a home more affordable, this could be right for you as well.Share
About the Author:Babak Moghaddam graduated from University of Southern California in 1985. He entered the mortgage industry as a compliance auditor at the Bank of New York in 1986 and completed his masters in Business Administration two years later. After seventeen years in the traditional mortgage banking world Babak finally transformed this vision into his own practice in 2002 when he formed Charter Pacific Lending Corp, a mortgage company that has provided over $900 Million in residential real estate loans throughout Southern California. Babak and his team do things a little differently than other mortgage providers. They work as financial advisors, because they have come to realize that a mortgage is a very powerful financial tool. And just like any other financial tool, it should be managed as part of the overall financial management plan to reach every home owner’s long and short-term financial goals much faster. You can contact Babak for a free consultation and strategy session at (800) 322-1217 X103.