Real Estate Blog

Multigenerational Homes offer Cost Savings

Have you ever thought about living under one roof with more of your extended family in a multigenerational home? That means three or more generations living together, so with kids, parents, and grandparents all under one roof.
If you haven’t considered a multigenerational home, then here is why you may want to think about it.

Multigenerational Homes Provide Cost Savings

First-Time Home Buyers Save Costs with Multigenerational Homes
A recent study from the National Association of Realtors (NAR) found that 28% of first-time homebuyers who live in a multigenerational home chose this option for cost savings.
When you pool your incomes together, you can afford a larger home, and at the same time, it can bring your loved-ones closer. Multigenerational living is a great way to care for both the younger and older generations and spend some more quality time together as well.
There are endless reasons to choose a multigenerational home and it may just be the creative solution you need to reach your home ownership goals.

Multigenerational Households offer Many Benefits

Multigenerational Homes Benefits
According to Generations United, the following benefits are cited.
  • Proximity provides enhanced bonds or relationships among family members
  • Makes it easier to provide care for family members
  • Offers an improved financial situation for at least one family member
  • Can provide a positive impact on the physical and mental health of family members
  • Can make it possible for family members to train for a job or continue education

Making Multigenerational Living Work

While there are some obvious drawbacks to a multigenerational home like less privacy, more tendency for family conflicts, and potential caregiving burnout, some tips can help alleviate these challenges.
  • Maintain open communication on feelings and expectations
  • Define separate and shared living spaces
  • Have respect for one another’s space, time, and rules
  • Plan activities for intergenerational bonding
  • Setup recharging time for caregivers
Multigenerational Family
Multigenerational living is on the rise, so if you are in the market for a new home, then connect with the Barrington Group Real Estate company. We can help you decide if it may be an option for you. Let’s connect and explore what’s available in the real estate market in Parker, Colorado and the Denver Metro Area.
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