Warning ~ You're Losing Money By Not Combining Households Multigenerationally - Video
Meet The Essex DOGWOOD Multigenerational 1.5 Story
My heart was touched recently when I got a call from a couple in another state asking about multigenerational homes. It was in response to a video I shot of the DELIGHT plan, which is a model in Treetops (south of Charlotte). Their story was of the need to not only relocate to the Charlotte area but to combine households with another family member. Now this most often happens with the "mother-in-law suite" concept of another entire area of the home where a mom and/or dad can live out their years under the roof of a caring child. What's cool about that concept is you're separate but equal! Plus, it gives your parents a sense of independence while knowing help is near if needed.
So, having a parent who needs some extra care really makes sense to me. And then there's that current scenario where your kids have spent themselves into oblivion with college debt (and no job). So, they move back in with the parent(s), and often with no clear path to finding their own home. My phone call was from a couple with a bit different situation, and I'm thrilled that one of my Broker-Partners was able to help them purchase this multigenerational home.
But the issue of finances is how I drew you into this blog post. For the same reason, your returning college grad is not quite able to afford their own digs, combining households also means combining resources. Put another way - you may be losing money by not combining households multigenerationally. For instance, if you can afford a $200,000 home, but your tastes and needs are better served with a $400,000 home, consider your options. Plus, because your parents' home might have a good deal of equity (if not completely free and clear), combing your resources might be smart.
Let's go a step further. My YouTube video tour of Essex Homes' DOGWOOD 1.5 story Quick Move home in Harrisburg spells it out. And this type of plan is available from a number of Charlotte home builders, namely the story-and-a-half ranch-style home. In this case, you have a lovely Master bedroom suite, yet there are two more bedrooms and a full bath on the other end of the house. Hey, even though it's not technically a multigenerational floor plan (like the Lennar NextGen DELIGHT), having two beds and a bath could look like this. One bedroom for the night, and one-bedroom to use as your own living room during the day. Combine that with a full bath with a shower and that feels very much like a "mother-in-law suite" to me. Ask Mom and Dad!
Then head upstairs to Junior's suite! A loft, bedroom, and bath could be the perfect suite for an adult child. Charge them rent (room and board), sock it away for their down payment on their own future home, all the while teaching them about debt-to-income ratios and housing expenses. Guess what, that means you've got three generations under one roof! Combine your resources and combine your households! And take care of each other while you do.
Multigenerational YouTube Video Tour: NEW Basement Home for Sale in The Retreat at Rayfield [Indian Land SC]