How Buying a Multi-Generational Home Helps with Affordability Today
In today's world of rising housing costs, many buyers are looking for ways to still be able to buy a home. Some of them have found a solution in multi-generational living.
Multi-generational living is when two or more adult generations live together under one roof. This includes siblings, parents, or even grandparents.
Reasons To Buy a Multi-Generational Home
According to a recent study by the National Association of Realtors (NAR), the top two reasons people are opting for multi-generational homes today have to do with affordability.
Cost Savings
About 28% of first-time buyers and 11% of repeat buyers are deciding on a multi-generational home to save on costs. By pooling their resources, households can share the financial responsibilities to make homeownership more affordable.
More Space
Another 28% of first-time buyers and 18% of repeat buyers are doing it because they want a larger home they couldn’t afford on their own. With everyone chipping in and combining their incomes, suddenly, that big dream home with more space is within reach.
Lean on an Expert
If you’re interested in this too, partner with a local real estate agent. Finding the perfect multi-generational home isn't as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs that should be considered.
Buying a multi-generational home can be a smart way to tackle some of today’s affordability challenges. When you team up to share expenses, you can make your dream of homeownership more attainable.
If this sounds like an option for you and your loved ones, DM me to help you find a home that’s the perfect fit.
Contact me for more information:
