Multigenerational living is more popular than ever before during the current real estate boom as more Canadians pool their resources with parents or grandparents and buy a single property to make homeownership more affordable.
Multigenerational homes enable families to live under one roof that contains both private spaces and shared areas they can enjoy together. Property options include a wide range of home types – from a duplex with two completely separate homes side by side to a spacious bungalow or two-storey home that either contains suites on multiple levels or opposite ends of the home.
Housing prices have risen significantly in the past couple of years, making many would-be homebuyers consider their options more carefully. When family members make a home purchase together, sharing expenses – everything from mortgage payments and property taxes to ongoing maintenance and home insurance – affordability is maximized for all parties.
Sharing property costs and ongoing responsibilities can help boost purchasing power, which is particularly beneficial if you wish to live in a more prestigious area or in a larger home than you’d be able to afford on your own.
While splitting property expenses is a major benefit to multigenerational living, it’s important to set boundaries before moving in together because it’s essential for each individual family member/unit to enjoy their own spaces.
Another option is to purchase a home and then renovate to add custom spaces such as in-law suites over detached garages, or extensions on bungalows or two-storey homes that create self-contained spaces for family members.
Whatever you decide on in terms of your property structure, ongoing communication is essential in making sure all family members feel good in the home. Regardless of how well your family gets along, multiple adults living under the same roof can create tension. And daily conflict will only make the living environment more stressful if issues are left unresolved.
Planning to buy a home with family and wondering what you can comfortably afford to spend? Answers to all your questions are a call or email away!