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, the majority of 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, according to the U.S. Census Bureau.
What’s old is new again. Now here we are in 2022 and multigenerational living is a steadily growing home trend. In sheer numbers, 64 million Americans are living in such households, which is more than 20 percent of the population as per 2016 statistics. That’s the most in U.S. history, making in-law suites a desirable home renovation in many ways for you, your family, and potential future buyers,
What exactly does multigenerational mean? It can have a variety of definitions depending on whom you ask, but the U.S. Census Bureau defines multigenerational as three or more generations living in a residence. Typically this means grandparents, their kids, and their grandkids,
Why people opt for this living arrangement is a bit more complex. Sometimes an elderly parent is alone and can no longer take care of themselves, 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 home. In addition, more and more twenty- and thirty-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 grandchildren daily and vice versa, leading to more family bonding and possibly for the former, less loneliness and more security. Parents potentially have a live-in babysitter they can trust and depend upon. 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. The existing home needs to be renovated or expanded to give the new resident(s) adequate space, comfort, and privacy while also not disrupting the lives of those currently living there.
What Are the Most Sought-after Features?
A living room area, bedroom, and a private bathroom are must-haves. An additional kitchen and laundry room are important as well to offer the feeling of independent living space. A private entrance is also helpful, and consider including some sort of outdoor option, too, such as a porch or deck overlooking the backyard where the grandkids play. Features like these help the person that’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. An important one is compliance. In addition to assuring that your project meets ADA ( American Disabilities Act) standards for older Americans, you’ll need to get zoning and variance permission from your city or your township for an in-law suite addition, which can make the desired outcomes tricky.
Seamlessness
In-law suites are often added to older homes, upwards of 40 to 50 to even 100 years old. As you can imagine, making the new addition look like it’s always been there, which is usually the goal, can be challenging, but most builders are up for 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. The owners could be the younger or the older generation, depending on the situation, then there’s whoever is for it. 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. Agree on how things are going to be from the outset.
Keep an Eye on Your Return On Investment
Finally, there’s the cost. As you can imagine, an in-law suite project can get 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.
If you focus on the long term you can reap 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 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.
With hugs and warm regards.
For more real estate questions, information and advice contact Elisa Jo Eagan “The Real Estate Godmother” at 609-703-0432. Remember… “There’s No Place Like Owning Your Own Home!” Learn more at TheRealEstateGodmother.com
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!”
