It is not a new phenomenon for different generations to live together under one roof. For older people, this living arrangement can even offer numerous benefits. Anyone deciding to live in a multi-generational home in their older age should be aware of several factors.
Depending on the market situation, a suitable and affordable multi-generational home can be hard to find, as it must meet certain criteria. A qualified estate agent can help, especially if you are still uncertain what to do with your old property.
What to look out for during your property search?
The property must be sufficiently large to accommodate all the residents. Everyone needs their own space to retreat to where they are guaranteed privacy. A room of their own or a separate living unit within the house could provide this. Some multi-generational homes also have guest rooms or apartments for visitors. In addition to private bedrooms, the home should also have several communal areas. When searching for a suitable property, the needs of each resident must be taken into account. Young, healthy people can use stairs without any problem, for example, whereas older residents will begin to struggle with this at some point, so that barrier-free access or a lift are important.
The benefits of a multi-generational home
When families and older adults live together, there is always someone around to take care of the children. In turn, elderly residents have help on hand. When grandparents live under one roof with their children and grandchildren, they have the opportunity to be actively involved in the lives of their family. There are also financial benefits. Net household income is greater, making the cost of living more affordable.
Things that can lead to the failure of the ‘multi-generational home’ project
When there is a lack of building plots and suitable (affordable) properties available, the wish for multi-generational living has to be deferred. The project can also fail owing to the co-residents. Either no candidates are available or there is a personality clash. Irresolvable disputes can arise before or after the purchase, making it necessary to move out. Or, despite expectations to the contrary, the arrangement may simply not feel right.
Alternative living arrangements
There are also other possible living arrangements in older age, such as senior living communities, homes or residences. Different living arrangements may suit your needs better, depending on the level of care you require. Those wishing to continue living in their property in older age can use it to generate a pension. Regardless of what you opt for, it is always better to inform yourself thoroughly in good time. Professional estate agents are happy to advise you and help you decide what to do with your beloved home.
Are you deciding how you wish to live in your older age? Or do you wish to move out of a single-family home and into a multi-generational property? Then get in touch with us! We are happy to advise you.
In this text, the generic masculine is used for better readability. Feminine and other gender identities are explicitly included to the extent necessary for the statement.
Disclaimer: This article does not constitute tax or legal advice in individual cases. Please consult a solicitor and/or accountant to clarify the circumstances of your specific case.
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