Burton Davis Real Estate

@ Wise Choices Realty

Multi-Generational Living

Prepared by Rebecca Burton and Patricia Davis

With everything that is happening have you and your family decided to change your separate living arrangements?  Putting multiple generations into a single dwelling can be very challenging.  Having the “right” property to make it possible can avoid issues before they even occur.  The downsizing to a single location can provide a range of benefits that typically create significant fiscal savings.

Here are some articles that discuss what is multi-generational living, what are the pros/cons, how to make it work, etc….

1st – Have you discussed the change with all involved parties?

Are we dealing with an elderly parent?  Are there any young children involved?  Who is going to “own” the home – everyone or just one half?  If you are thinking of multiple ownership, have you talked to a lawyer to make sure EVERYONE’s rights are protected including elder children, heirs, inheritance, etc…  Are there any family members (who are NOT going to be living at this location) but should be involved in the decision (i.e. sibling when moving elderly parents into one child’s dwelling)?

2nd – Have you resolved the finances?

We often see 2 households combining into one.  For example, the resources of the sale of 2 homes put into buying one larger multi-family property.  In some families, equity from mom/dad’s house sale provides down-payment for the multigenerational house while their adult children make the monthly mortgage payment. In other cases, the combined budget buys a duplex or main property with accessory dwelling unit for elder independence but proximity to younger family.’  To avoid issues everyone needs to have clear expectations for everyone’s financial responsibilities and how the common areas (garden, kitchen, living room, pool, etc…) will be used.

3rd – What about friends, pets, and visitors?

Before everyone moves under one roof a discussion needs to happen about PETS, friends, and visitors.  If you have young children how often will they have sleep overs and “where”?  What if someone wants to add a dog, cat, or another pet to the household?  If you have friends or other family members in town are they staying at the house or just stopping by?  Are there time limits to how long a visitor can stay – one night, a week, etc….  Having the right layout can really help with the concerns visitors or pets can create BUT you need to discuss it BEFORE you purchase your new home in order to ensure it meets all those needs.