What is Multigenerational Living?
Multigenerational living means having multiple generations of a family living under one roof. Think of it as having grandparents, parents, and kids all living together. This setup can be great for saving money and providing support. Grandparents can help with childcare, and everyone can share expenses like mortgage payments, utilities, and groceries.
Why is it Becoming Popular?
Affordability, or the lack thereof, has definitely driven the consideration for multigenerational living. We are seeing it in neighbourhoods where you haven’t seen it before,” explains Tim Syianos, Broker/Owner of RE/MAX Ultimate. “You’re seeing types of homes that were single-family being topped up and having the lower level completed, and now you have two to three units where families are able to live together.”
Affordability is a big reason why multigenerational living is on the rise. Home prices are high, and it can be hard for single-income families to afford a house on their own. By living together, families can pool their resources and afford a larger, nicer home than they could individually.
Another reason is the sense of community and support. Having family close by can be a huge help, especially for young parents or those with aging parents who need care. It also allows for stronger family bonds and shared responsibilities.
Creative Living Solutions
Besides multigenerational living, people are also exploring other creative housing solutions. Some are turning to co-living arrangements where unrelated individuals share a home and split the costs. This can be a great way to afford a better location or larger space without breaking the bank.
Another trend is converting basements or attics into separate living spaces. This way, homeowners can rent out these areas to help cover the mortgage or provide space for extended family members.
What Should Homebuyers Consider?
If you're thinking about multigenerational living or another creative housing solution, here are a few things to keep in mind:
Space and Layout: Make sure the home has enough space and the right layout for everyone to live comfortably. Separate living areas or additional bathrooms can make a big difference.
Finances: Be clear about how expenses will be shared and who is responsible for what. This can help avoid conflicts later on.
Privacy: Even though you'll be living together, it's important to have some private space where each family member can have time to themselves.
Zoning Laws: Check local zoning laws to make sure you can legally convert spaces or rent out parts of your home.
Multigenerational and creative living solutions are great ways to make homeownership more affordable and practical. By sharing expenses and living spaces, families can support each other and enjoy a higher quality of life. If you're entering the housing market, consider these options and see if they might work for you.
For more information and expert insights on this trend, check out the full article at realestatemagazine.ca