Wednesday, March 31, 2010

Multigenerational Homes: The Next Big Thing in Real Estate

Many people have been hit hard by the recession, which continues to batter lives and homes to this day. More and more people are starting to be practical, and multigenerational homes are one of the most practical decisions for families.

What are multigenerational homes? Simply put, they are houses where multiple families can reside in. That means that parent and child, brother and sister, grandparent and grandchild live and work in one residence.

It is often believed that the fiercely independent nature of Americans would scorn these kinds of homes, especially when any sort of dependence is implied within the family. However, a recent study by Coldwell Banker has pointed out an increasing number of multigenerational homes being sold in recent times.

Practicality is the primary driving force behind these types of homes. Money is tight, and people are looking to save money by pooling family resources and purchasing a house that they can all reside in. This significantly cuts down rental and mortgage costs while spreading out the financial strain among multiple families.

Health reasons are also another strong force that pulls people to buy multigenerational homes. Some aging or disabled members of the family find it easier to live near their younger, stronger family members. Assistance is then much easier and more convenient for both parties.

Another less obvious benefit of these multigenerational homes is the strong psycho-social development within the family. Schedules are less hectic thanks to the sharing of household chores. Caring for children and elderly members is made a lot easier due to the close proximity. And finally, families share many bonding activities with each other – something that has slowly been dying away as people move further and further away from family.

So what makes these multigenerational homes so special in the first place?

Truth be told, there is nothing much that separates multigenerational homes from regular homes. Some houses only need an extra bedroom to be called multigenerational, where more than two families share everything else from the toilet to the kitchen. Other houses can have larger garages, separate kitchens and multiple toilets to accommodate privacy-oriented families.

This brings us to the other side of multigenerational homes.

The first thing people consider is their comfort in sharing space, utilities and other essentials with other family members. Some people find no problem with this while others cannot tolerate having their lives under constant scrutiny.

Another consideration is the sharing of household responsibilities. The question of how the dishes or the laundry will be done can be a very serious when you’re living with other people. A written contract may sound extreme, but it extremely useful in this situation, especially if you want to avoid slacking in the chores around the house.

If these considerations are not a problem for you, then a multigenerational home may just help you out here. You’ll be able to save money, help each other out and develop deeper family bonds while you’re at it. Just remember to iron out the details of who gets to use the toilet first in the morning, and you’ll have one less problem to worry about!