It’s becoming increasingly common for people to consider a multigenerational home – where two or more generations living together under the same roof. Whether it’s helping an elderly parent, accommodating adult children who are returning home, or making sure aging grandparents have all the support they need, there can be plenty of benefits to having everyone close by. In this blog post we’ll explore why you might want to consider this option and look at how you can make it work in your family.
What Is a Multigenerational Home and Who Does it Benefit the Most
A multigenerational home is where generations of an extended family live together, which can provide amazing benefits for everyone in the family. Not only does it make it easier to offer support and companionship, but it can also make financial sense. Everyone living on the same property has lower overhead costs as well as more hands to help share tasks like childcare and household duties. Additionally, having older generations available often helps younger members with emotional comfort and guidance that a neighbor or daycare cannot offer. Although multigenerational homes benefit everyone, they are arguably most beneficial for those who are aging and need assistance but desire to remain independent. Life satisfaction increases when elderly adults can still interact with grandkids and extended family, so this may be one of their best options for retirement living.
Exploring Financial Benefits of Owning a Multigenerational Home
As people’s lives become increasingly more mobile and families grow, buying a multigenerational home is an attractive option to consider. Owning a property that’s large enough for two or more generations of family members can provide many financial advantages like tax breaks and the potential to generate rental income. It also reduces the cost of living as multiple family members can share in mortgage payments, taxes, utilities, and maintenance costs. For families looking to stay close together while padding their savings account, examining the financial benefits of buying a multigenerational home can be a great way to financially support each other for years to come.
*Information/Images sourced from Keeping Current Matters