Real Estate Matters
By Elisa Jo Eagan
At first glance, multi-generational living arrangements may seem unusual, but they were once the rule, not the exception.
In 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 U.S. Census.
What’s old is new again, however, as multi-generational living is a booming home trend.
In sheer numbers, the 64 million Americans living in such homes in 2016 (20 percent of the country) was the most ever 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 defines multi-generational 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 take care of themselves and moves in with their child’s family for companionship and care.
At other times it can be a financial choice; for example, co-habitating 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 grandkids 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. 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 the houses themselves, especially when it comes to creating an in-law suite.
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
Having a living room area, bedroom and a private bathroom is a must. Also, an additional kitchen and laundry room is important as well in order to offer the feeling of an independent living space.
A private entrance is also helpful considering it would include some sort of outdoor option such as a porch or deck overlooking the backyard where the grandkids play.
These considerations definitely 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.
Compliance. In addition to assuring that your project meets ADA (Americans with Disabilities Act) standards for older Americans, you’ll need to get zoning and variance permission from your city or your township for any in-law suite addition, which can make the desired outcomes tricky.
Seamlessness. In-law suites are often added to older homes, upwards of 50 to 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 like Grandpop, who is paying for his in-law suite and putting it on his son’s house. 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.
Keep your eye on the ROI. And, 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 500-1,000-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 reap the financial benefits. If you decide to sell someday, your home will be more attractive to buyers because of the added square footage, regardless of whether the buyer makes use of the space as part of the home, as an in-law suite or even as a rental property.
Multi-generational 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, love and warm regards…
For more real estate information and advice contact, Elisa Jo Eagan, “The Real Estate Godmother,” at 609-703-0432. 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!”
