Real Estate Matters
By Elisa Jo Eagan
At first glance, multigenerational living arrangements may seem unusual, but they were once the rule, not the exception.
In mid-to-late-19th century America, most elderly parents and grandparents lived with their children. By the 20th century, this trend steadily declined, hitting a low of about 12 percent of the population in 1980, as per the US Census.
What’s Old is New Again
Today multigenerational living is a booming home trend. In sheer numbers, the 64 million Americans living in such homes (which is 20 percent of the population) is now the most ever in US history, making in-law suites a desirable home renovation in many ways for you, your family, and potential future buyers,
Multigenerational can have a variety of definitions depending on whom you ask, but the US Census defines multigenerational as three or more generations living at a residence. This is usually grandparents, their children, and their grandchildren.
Why people opt for this living arrangement is a bit more complex. Sometimes an elderly parent is alone and can no longer live independently, so he/she moves in with their child’s family for companionship and care.
At other times, it can be a financial choice. For example, cohabitating can be a much more cost-effective option than a nursing or retirement home. In addition, more and more 20- and 30-somethings are opting to live with or move back in with their parents to focus on their careers or save money.
The benefits are tangible. Grandparents get to see their grandkids daily and vice versa, leading to more family bonding, and for the former, less loneliness and more security. Parents potentially have a live-in babysitter. Finances or chores can be shared. More family members visit who normally wouldn’t.
Multiple Generations Have Multiple Needs
Of course, such living conditions often require adjustments, both from the families and to the houses themselves, especially when it comes to creating an in-law suite.
Usually the existing home needs to be renovated or expanded in order to give the new resident(s) adequate space, comfort and privacy, while also not disrupting the lives of those currently living there.
The Most Sought-After Features
Providing a living room area, bedroom and a private bathroom is a must. An additional kitchen and a laundry room is important as well in order to offer the feeling of an independent living space. A private entrance is helpful, too, along with some sort of outdoor option, such as a porch or deck overlooking the backyard where the grandkids play. These considerations definitely help the person who’s going to occupy the space feel like it’s their own.
Consult a Professional
For all of the positives of expanding your home, there are also some relatively common obstacles to overcome.
In addition to assuring that your project meets ADA (Americans with Disabilities Act) standards for older people, you’ll need to get zoning and variance permission from your city or your township for any in-law suite addition.
Seamlessness
In-law suites are often added to older homes, upwards of 40 to 50 to 100 years old. As you can imagine, making the new addition look like it has always been there, which is usually the goal, can be tricky, but most builders are up to the challenge.
Who’s the Boss?
Probably the most challenging part of an in-law suite project is that there are two different sets of opinions. Grandpop, who is probably paying for the in-law suite being added onto his son’s house, may not share the same tastes as his daughter-in-law.
To prevent problems, keep an open dialog from the start. Sit down and establish ground rules for everything from big issues, such as finances or boundaries, to small details such as color choices, etc.
Keep Your Eye on the ROI
Finally there’s the cost. As you can imagine, an in-law suite project can get rather pricey. Depending on where you live, the size, and the amenities, it can cost $125,000 or more for a typical 500- to 1,000-square-foot addition. That said, you can lower the cost significantly by renovating an existing space, such as a basement or a garage, or by choosing fewer high-end materials for things like flooring.
In addition, if you focus on the long term, you can definitely reap the financial benefits. If you decide to sell someday, your home will be more attractive to buyers because of the added square footage, whether the buyer makes use of the space as part of the home as an in-law suite, or even as a rental property.
Multigenerational living isn’t for everyone, and it does require an adjustment period for all involved. However, if you do choose to have such a home arrangement, it’s easy to bask in the positives, including more time together as a family, a possible at-home babysitter for parents, money-saving possibilities, and a good return on investment.
The best benefit of all? You’re opening up your home for a loved one when he or she needs it the most.
For More Real Estate Questions, Information and Advice Contact Elisa Jo Eagan “The Real Estate Godmother” (609)703-0432 and Remember…”There’s No Place Like Owning Your Own Home!”
