Multi-generational living has always been a trend. It’s not uncommon for older parents to move in with their children when they have trouble caring for themselves. It can be less expensive than a retirement home or senior care facility, while also just more convenient for multiple generations to be living in one home.
The Impact of the Pandemic
However, the concept of multi-generational living has exploded in the wake of the COVID-19 pandemic. What may have been temporary housing solutions in the past year could become much more permanent trends for many families. This is especially true for multiple generations of the same family living under one roof—whether out of necessity or desire.
Family Members of All Ages
There are extensive costs and concerns associated with putting an elderly parent or grandparent in a nursing home. Many people pulled their parents out of senior care facilities during the pandemic and are worried about ever sending them back. If they don’t need extra care, they may just be living in their retirement home—often in a different part of the country. Maybe you would just prefer having them closer to home. Having everyone living in the same house could be more convenient and cost-effective for everyone. The same is true when talking about the college kids, in-laws or other close relatives who could live with you.
When we’re talking about multi-generational living, we’re not just talking about elderly parents. Many college-aged children have moved back home during the pandemic with campuses closed and online learning options more prevalent. We see some families with multiple grandparents and children of all ages together. Yet, that doesn’t mean the living situation is ideal. The space may not be suitable for such an arrangement. What if you decide that your temporary multi-generational house should just be the new normal moving forward—when the pandemic is hopefully behind us?
Time to Reconsider Your Housing Needs
It may be time to reconsider your housing situation and make a move to better suit your living space needs. If you think that your multi-generational arrangement is going to be a long-term solution, you should seriously think about where you are living. You can look at adding on or renovating the property if you have the space, budget and housing code approval. Or, you can simply look at moving to a place that better suits your housing needs.
It may not make much sense to cram together in a house that isn’t big enough or isn’t set up well. You may want a lower level suite for the grandparents that doesn’t require them to walk up stairs, but still keeps them detached enough to not be right there in your face all day every day. Maybe there’s a property that has a guest house, separate apartment, finished basement or additional living space with its own kitchen, bathroom and other features that will work great for a family member to live with you without cramping your own style too much.
Home Selling Opportunities
Another thing to consider is if your current home is desired by someone else. You may own a small family home that has many desirable features other home buyers may be looking for. You may have outgrown the space thanks to your multi-generational situation, but it’s perfect for someone else who has a mortgage loan lined up and is ready to make a generous purchase offer. Or, you could be in the opposite scenario where you are an empty nester with a house that’s too big. There could be a larger family looking for a home like yours.
You could be in an ideal position to sell your house now for maximum value and then put that equity (and a cheap mortgage loan at today’s historically low rates) toward a bigger home—or at least one that works better for different generations of your family to comfortably live there at the same time.
Ever-Changing Real Estate Trends
If you’ve been following The Cyr Team Blog, we’ve been talking a lot about how COVID-19 has changed the business of real estate and how it is changing the housing needs of many different people. Some of these changes may only be temporary, while other trends will likely become permanent. We’re seeing multi-generational homes become more and more common, so it’s time to address the unique issues that these homeowners are facing.
If you are thinking about selling your house and changing up your housing situation—no matter what the reason—contact us today for a no-obligation real estate consultation. We’ll work with you to understand your needs and help you make the best home buying and selling decisions.