Advantages of Buying a Multi-Generational Home

Have you ever considered living in a home with your extended family, including grandparents, parents, or other relatives? You’re not alone in this thought. An increasing number of buyers are choosing to purchase homes that accommodate multiple generations. Let’s delve into the key reasons behind this trend to determine if such a home could be a suitable choice for you as well.

The Rising Preference for Multi-Generational Homes

The National Association of Realtors (NAR) highlights affordability as one of the primary reasons driving the demand for multi-generational homes (refer to the accompanying graph):

First-time homebuyers are particularly attracted to the cost-saving aspect, with 28% citing this as their main motivation. By combining financial resources with family members, they can collectively manage expenses such as mortgage payments and utility bills, making homeownership more feasible. This approach is particularly beneficial for first-time buyers struggling to afford a home independently in the current market as home prices are expected to continue to rise throughout the year.

Moreover, buyers are gravitating towards multi-generational homes as a strategy to acquire their ideal, larger homes. Both first-time (28%) and repeat buyers (18%) are opting to cohabit with others to afford a more spacious residence. When families pool their incomes, the dream of owning a larger home becomes more attainable.

However, the appeal of multi-generational living extends beyond financial considerations. According to the same NAR study, 23% of repeat buyers purchased a multi-generational home to better care for an aging parent. This arrangement allows older adults to age in place while maintaining their quality of life, surrounded by family. As Axios notes:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents' parents).”

Seek Professional Guidance

Selecting the ideal multi-generational home involves more complexity than a standard home purchase, given the varied preferences and requirements of multiple family members. It’s akin to piecing together a complex puzzle.

Therefore, if you’re considering the numerous benefits of multi-generational living, it’s wise to collaborate with a local real estate expert who can guide you through this unique process.

Bottom Line

Whether driven by financial reasons or the desire to live with loved ones, purchasing a multi-generational home could be a practical decision for you. If you’re keen to explore this option further, connect with Countryside Homes NJ and RE/MAX Select, and let’s discuss your needs.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!