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 take care of their kids and their parents or grandparents at the exact same time.
Managing all the obligations included certainly should have its challenges if that sounds familiar to you. It turns out there’s one quite substantial advantage: it can in fact make it a bit much easier for you to purchase 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 children and parents at the same time is assisting them pay for a home. A third of respondents stated their situation made it much easier to purchase (see chart below):
Here are a couple of ways their caretaking situation may be helping those 33% buy a home:
Sharing Expenses: If you live in a multi-generational home, you can pool your resources and split the costs. Your parents may contribute to the mortgage or help with other expenses. This can make a big distinction, particularly in today’s real estate market. It may help you pay for a bigger home than you might on your own.
Built-In Childcare: Having grandparents in the home might also save you cash on childcare. They can assist view your kids while you’re at work, which suggests you can minimize day care costs too.
Beyond just the financial reasons, buying a multi-generational home has other benefits. The Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) highlights a few of the most popular, including:
Easier To Care for Aging Parents: It’s more convenient to look after somebody when you deal with them. Likewise, your senior moms and dads may effectively be happier and much healthier, thanks to more social interaction and a sensation of connectedness.
Spending More Time Together: Once you live together, you get to invest more time and create a lot more long lasting memories with your loved ones.
The Mortgage Reports sums it up by doing this:
” Buying a house with your parents can be a terrific method to reduce caregiving, support young kids, or just bring liked ones better together. And thinking about the steep increase in home prices over the last few years, it can make homeownership a lot more economical.”
How a Real Estate Agent Can Help
If you’re in the Sandwich Generation and thinking of buying a multi-generational home, working with a local property agent is important. Finding a home that works for so many individuals can be challenging. A representative will utilize their competence to assist you find one that satisfies the needs of, and has adequate space for, everyone who’s going to live there.
Bottom Line
Being a part of the Sandwich Generation includes its challenges– however it likewise may come with one genuinely terrific perk. If you’re looking to purchase a home, your caregiving scenario can in fact make it a bit easier for you to manage a home. To learn more, let’s link.
If that sounds familiar to you, handling all the obligations involved definitely must have its obstacles. Your parents may contribute to the home mortgage or aid with other expenses. Beyond simply the monetary reasons, buying a multi-generational home has other benefits. Being a part of the Sandwich Generation comes with its challenges– but it also may come with one really great perk., your caregiving circumstance can in fact make it a bit easier for you to pay for a home.