There are more and more parents and adult children moving in together. Either the kids are moving back in with their parents or the parents have moved in with them. One of the reasons that this is happening is the economy. Families have realized that it is cheaper to contribute to housing expenses than to do it by themselves.
What is a Multigenerational Home?
A multigenerational home is when two or more generations are living together. It could also be described as grandparents and one other generation.
Reasons for Having a Multigenerational Home
Many adult children find it hard to move out of their parents home due to financial reasons. Some are still paying their educational loans and aren't able to afford to be on their own.
There are instances where kids have moved out and are returning home to live with their parents. They're known as the "boomerang generation." Some are returning as things have not worked out financially for them. Others return to their childhood home to care for their elderly parents.
You may also find scenarios where the parents move in with their children as they can no longer live alone due to health issues. Living with your kids is sometimes a cheaper option than going into a retirement home.
Benefits of a Multigenerational Home
Both generations benefit as they share the household expenses. This might not be the case if members of the family are hurting more financially, but they're still helping each other.
The offspring who are starting a family can save for a new home deposit or mortgage expenses.
One other advantage is that the family with kids has grandparents who can help with taking care of the children. This is a considerable savings as child care can be costly.
A benefit that has no monetary value is the time spent together as a family. This is something that's priceless.
There's also the assurance for aging parents that they'll have family who will take care of them when they no longer can take care of themselves.
Accommodating Your Parents in Your Home
Having your parents coming to live with you sounds heroic, but it can be challenging. There are many things to consider if this is your plan. If your folks have medical conditions, then this is something to take into account. Future medical concerns should also be factored into your decision.
You would need to assess your home and make the necessary adjustments where necessary. These changes could vary from structural to rearranging furniture or removing items that could endanger their safety.
One of the things to consider is whether you would want your senior family members living with you in the house or if you should build a granny flat to accommodate them. If your parents are still mobile and do all their chores, then having them live in a separate building is perhaps a better option.
Being on their own, but on your property, gives them a sense of independence and assurance that you're close. This might be a costly decision but has long-term benefits for all concerned.
If you intend to add a granny flat to your property, make sure you find contractors who use reliable roofing experts. Use a company that has a leading safety record in the industry and is mentioned by https://dominionroofing.com/.
In Closing
The decision of making your home a multigenerational one is something that needs a lot of discussion, taking all aspects into consideration. It could either be adult children moving in with their parents or the elderly folks going to stay with their children.
There might be some drawbacks, but the benefits in the long term far outweigh them. There's nothing that will replace the memories that are made and special moments shared as a family.
