According to a recent survey conducted by real estate professionals, in the last 12 months, more home buyers were looking to purchase homes to accommodate more than one generation of their family.

Survey respondents cited financial drivers as the number one reason why home buyers or sellers are moving into a house with other generations of their family. Other reasons cited were health care issues or a strong family bond. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another, and can better juggle childcare and eldercare.

Communicating with family members and consulting with real estate professionals is also important. “Talk to everyone involved and determine how comfortable the family members are about sharing bathrooms, office space, or common areas.”

Here are some helpful hints if you are thinking about buying a multi-generational home:

• If you are a seller with a granny flat or additional spaces on your propety that could accommodate a family, be sure to highlight that when you market your house.
• Buyers should make a list of their exact needs. You may just want an extra bedroom or two, or you may require areas with a separate kitchen, entrance, or a larger garage.
• Extended families purchasing a home together should consider signing a writeen contract outlining everything from finances to chores and childcare. Each family should assess their situation individually and find a plan that works best for them.

This entry was posted on Wednesday, February 24th, 2010 at 9:14 pm and is filed under Buyers, Over-55 Buyers, Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.