Buying a Home With Family? Read This!
Whether you view multigenerational housing as customary in your family or an unexplored concept you are starting to consider, Team Dynamo offers these tips for buying a home and moving in with your adult children, parents, grandparents or extended family members.
Stay Aware of Trends
Learning about past and current trends in the real estate market can help you along your house-hunting journey by giving you an idea of the number of people in your area who may be searching for homes with similar features as you. The number of multigenerational households significantly increased in the United States between 2007 and 2009 when high unemployment forced people, especially young adults, to move back in with their parents. Although the recession ended, the trend continues to grow today. Besides saving money, other reasons more people are living with their parents today include marrying later in life and immigration — multigenerational living is commonplace in Asian and Hispanic cultures, for instance.
Consider the Benefits
Sharing a living space with several members of your family may require compromise and effort, at least during the initial period of transition. But some of the benefits that come with multigenerational living may be significant enough to make you consider giving it a try. Firstly, living with family can save money in a variety of ways. It can help reduce the stress of unemployed family members by putting a roof over their heads. Or, if all residents are working, splitting mortgage and maintenance expenses allows everyone to save. Living together could also save family members money that they would otherwise spend on transportation to visit one another. Moreover, with more people living in a home, the likelihood of at least one person being home at any given time to receive mail, answer the door or respond to emergencies increases. Economic benefits aside, multigenerational living also provides opportunities to bond as a family.
Shop for Your Needs
When looking at a home for sale in Gainesville, FL, consider your needs if you start living with your family. For example, many people value privacy. You may want to find a home where all family members can have their own space to retreat after sharing and socializing. If the home does not come with as many divisions as you would like, you could consider constructing new walls or investing in home additions, such as a separate unit for the in-laws. Other things to consider are whether some family members want a place with extra accessibility, a backyard, pet-friendly spaces, etc. Before picking a home, have an open discussion with everyone and try to come to an agreement.
Discuss Money & Responsibilities Upfront
Although it may be uncomfortable, discuss the financial aspect of purchasing a home and ongoing costs early in the process. Before you move in, make sure you and the other future residents agree on who will buy the property, how much each adult will contribute to the monthly mortgage payment and any repairs, additions or regular maintenance to the home, how the title will be held, and what would happen to the home upon the death of the primary buyer. Because circumstances can change at any time, it is a good idea to hold monthly or quarterly family meetings to talk about budgets and any concerns. Try to level the hierarchy of the family and treat each member as an adult, regardless of parent-kid or grandparent-grandchild relationships. This can help all members feel respected and more comfortable stating their opinions.
Communication Is Crucial
Effective communication is probably the most important factor in a successful arrangement, and it is necessary from the moment you and your family members decide to live together through the house-hunting process, purchase, move-in and duration of your stay in that home. Openly talk about expectations, parameters and house rules, including whether this living arrangement is permanent or temporary and how you will divide food, utilities and chores.
Get Help From Real Estate Agents in Gainesville
Our agents can show you Gainesville, FL, homes for sale, answer your questions about the market, help you make an offer to a seller, help you prepare your documents and assist you all the way until your closing date. Call Team Dynamo today for a consultation.