Why the Sandwich Generation Is Buying Multi-Generational Homes
Are you a part of the Sandwich Generation? According to Realtor.com, that’s a name for the approximately one in 6 Americans who look after their children and their moms and dads or grandparents at the same time.
Managing all the obligations involved certainly must have its obstacles if that sounds familiar to you. But it ends up there’s one quite substantial benefit: it can really make it a bit easier for you to buy a home.
How Can It Help You Buy a Home?
Realtor.com asked members of the Sandwich Generation if they agree or disagree that taking care of kids and parents at the exact same time is assisting them manage a home. A 3rd of respondents stated their circumstance made it easier to purchase (see graph below):
Here are a couple of methods their caretaking circumstance may be assisting those 33% buy a home:
Sharing Expenses: If you reside in a multi-generational family, you can pool your resources and split the costs. Your parents might add to the home loan or assist with other bills. This can make a huge difference, specifically in today’s real estate market. It might assist you manage a bigger home than you might on your own.
Built-In Childcare: Having grandparents in the home could also save you cash on childcare. They can assist see your kids while you’re at work, which implies you can minimize daycare expenses too.
Beyond just the monetary reasons, buying a multi-generational home has other advantages. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights some of the most popular, including:
Easier To Care for Aging Parents: It’s easier to look after someone when you deal with them. Your elderly moms and dads might really well be better and much healthier, thanks to more social interaction and a sensation of connectedness.
Spending More Time Together: Once you cohabit, you get to invest more time and create much more enduring memories with your enjoyed ones.
The Mortgage Reports sums it up this way:
” Buying a house with your moms and dads can be a fantastic method to alleviate caregiving, support young children, or simply bring loved ones more detailed together. And thinking about the steep rise in home costs over the last couple of years, it can make homeownership a lot more budget friendly.”
How a Real Estate Agent Can Help
If you’re in the Sandwich Generation and thinking about buying a multi-generational home, working with a regional realty representative is necessary. Discovering a home that works for many people can be tricky. An agent will utilize their know-how to help you find one that fulfills the needs of, and has enough area for, everybody who’s going to live there.
Bottom Line
Belonging of the Sandwich Generation includes its challenges– however it likewise might include one truly excellent perk. If you’re wanting to purchase a home, your caregiving scenario can really make it a bit much easier for you to manage a home. To find out more, let’s link.
If that sounds familiar to you, handling all the duties included certainly need to have its obstacles. Your moms and dads might contribute to the home loan or help with other bills. Beyond just the monetary reasons, purchasing a multi-generational home has other advantages. Being a part of the Sandwich Generation comes with its challenges– but it likewise might come with one truly fantastic perk., your caregiving circumstance can actually make it a bit simpler for you to manage a home.