Reasons to Consider a Multi-Generational Home

Reasons to Consider a Multi-Generational HomeMany buyers in Los Angeles have some of the same challenges before them. Issues many of our buyers have in common include affordability challenges, a desire for a different lifestyle, and looking for a solution for childcare or elder care. 

These, and many other, challenges can be solved by something that really isn't a new idea at all: multi-generational living. For many generations and in many cultures, having more than just 2 generations living in a home was just plain normal. If you're considering moving into a multi-generational home in Los Angeles, here are some of the biggest reasons it might be the right fit for you. 

Financial Benefits

We know that cost of living, especially housing, is a pain point for many buyers. Even those who are ready and able to buy a home may be looking for ways to offset the increased interest rates or effects of inflation. 

A multi-generational home offers multiple financial benefits. 

One of the most significant benefits of multi-generational living is the sharing of household expenses. By pooling financial resources, families can reduce the overall cost of living. Mortgage payments, utility bills, groceries, and other expenses are divided among more people, making it easier to manage finances and save money. Every family will have their own way of dividing these expenses, but the great news is you can tailor the way you do this to meet the needs of everyone in the family. 

There are other ways you might save money because you live together, too. For example, you can often eliminate the need to hire pet sitters or house sitters if only part of the household is traveling. You may also be able to eliminate, or limit, the need for elder care and babysitters. Meal preparation may also become easier if you share the load, leading to a reduced need to depend on take-out. There are many ways that living together can make your life more affordable. 

Emotional Benefits

Not everything is about the money. There is also major social and emotional impact from living with more of your family. Living together allows family members to spend more time with each other, strengthening familial bonds. Grandparents can form closer relationships with their grandchildren, while parents receive support from their own parents. This close-knit living arrangement fosters a sense of unity and belonging, which can be particularly beneficial for children’s development.

In a multi-generational household, emotional support is readily available. Family members can rely on each other during times of need, whether it’s dealing with personal issues, health problems, or life’s challenges. This constant support network can significantly improve mental health and overall well-being.

You may also find that family culture is easier to pass down in this setting. The values and traditions that are important to you will be even more evident to your children as all the adults in the home display them together. 

Practical Benefits

There are also plenty of practical perks to living together. For families with young children, having grandparents or other relatives living in the same household may provide more convenient and reliable childcare. In addition to saving money, many parents love that their children are cared for by trusted family members.

Another benefit is elder care. As parents or grandparents age, they may require additional care and assistance. A multi-generational home allows elderly family members to remain in a familiar environment surrounded by loved ones, rather than moving to an assisted living facility. This proximity ensures they receive the care they need while maintaining their independence and dignity.

Household chores and responsibilities can be shared among family members, making it easier to manage the day-to-day running of the home. Cooking, cleaning, and maintenance tasks can be divided, reducing the burden on any one individual. This cooperative approach can also teach younger family members valuable life skills and a sense of responsibility, all while lightening everyone's load. 

Expert Opinion

We're not the only ones that are recommending a multi-generational home as a solution for many of your challenges. 

Home sales expert Bill Gassett of Maximum Real Estate Exposure gave me some valuable pointers about multi-generational housing that every home buyer should consider. He explained there are some significant upsides to this type of purchase.

"If you've ever had thoughts on having your parents live with you later in life, then one of the most significant benefits of a multi-generational property is the ability to have them stay with their own space. The perfect example is a home with an attached in-law apartment. Over the years, I have sold a few of these homes and they always sold quickly. There is always a good demand but not nearly enough housing stock. Often these homes have received multiple offers.

Besides the desire to be close to family, the number one reason for this living arrangement is to be able to help someone financially. It becomes more practical and cost effective when more family members under one roof. Finances can be divided accordingly. Consider the cost savings of maintaining a home including, principle, taxes, and insurance. It can add up quickly.

Sharing these expenses saves a lot of money. When you factor in other cost of living like putting food on the table it can add up. Another helpful arrangement is having family members who can step in and take care of younger children. It saves money on babysitters or even more expensive daycare."

If you're ready to find homes for sale in Los Angeles that will work for your multi-generational plans, we can help. Contact us any time to get started. 

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