Building Generational Wealth: The Benefits of Purchasing a Multi-Generational Home
Is this situation right for your family? With housing costs soaring and mortgage rates remaining higher than average, homebuyers are looking for alternative solutions to achieve their homeowning goals. One increasingly popular option is embracing the concept of multi-generational living.
Multi-generational living involves two or more adult generations residing together under one roof and can include siblings, parents, or even grandparents. Many homebuyers are looking into this option to pool resources to have larger estates that will stabilize housing costs for all. Let’s look at what spurred this decision for many.
Why Choose a Multi-Generational Home?
A recent study by the National Association of Realtors (NAR) has shed light on the top two reasons why people are opting for multi-generational homes, and they are closely tied to affordability:
Cost Savings: Approximately 28% of first-time buyers and 11% of repeat buyers are embracing multi-generational living to save on costs. A collaborative approach makes homeownership significantly more affordable, particularly in today’s market. It is a form of financial relief that is particularly valuable for first-time homebuyers who find mortgage rates and downpayment structures challenging.
More Space: If you desire more and larger living space, it may not be affordable on your own in The Main Line. By joining resources with family members your budget and the entire affordability of a property improve. Roughly 28% of first-time buyers and 18% of repeat buyers are looking for more space to accommodate a larger household. With everyone contributing to the expenses, the dream of a spacious home becomes an attainable reality. Multi-generational living empowers individuals to purchase a more sizable home by leveraging the combined income, credit, and down payment of those sharing the residence.
The Importance of a Knowledgeable Real Estate Agent
If you are considering multi-generational living, partner with a local real estate agent. Searching for the ideal multi-generational home is not as straightforward as hunting for a standard residence. Unlike a one family home, in searching for multigenerational housing you must ensure that every family member has their own space, while also accounting for shared areas for communal activities and potentially adaptable spaces for older relatives. It’s a puzzle that requires precise fitting, luckily we are experts at solving this!
Purchasing a multi-generational home offers a solution to address housing affordability challenges. If this living arrangement resonates with you and your loved ones, The Main Line offers incredible multigenerational housing options. Let’s connect and we can explore options on The Main Line.
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