A multigenerational home?

With the changing demographics in North America, multigenerational homes have become an attractive housing option for many families. With an aging population and the fact that children are living with their parents for longer periods of time, there is now a market for homes that feature independent-living areas. Here are three reasons you might want to consider this option.

1. If your goal is to keep your family close by, this type of housing has two separate dwellings. This allows all its residents to maintain their own living space and privacy.

2. The exchange of services is one of the main reasons people like living in multigenerational homes. For example, a couple with young children whose grandparents live in an adjacent apartment benefit from having trusted child carers close by. In return, an older person who needs care can count on the compassionate presence of a loved one when necessary. Thus, the intergenerational approach, in addition to being a guarantee of security, helps seniors maintain their independence.

3. Another advantage of a multigenerational home is being able to share mortgage payments. A young couple with no savings has easier access to the property market by choosing to live in a housing unit with the parents of one of the spouses. Think long and carefully before choosing to live in a multigenerational home. Everyone concerned has to be motivated to maintain a climate of respect and mutual help on a daily basis.