Multi Gen Living at Carriage Hill
For seniors contemplating their retirement options, the opportunity to join their family in a multigenerational household can be a welcome option.
Sharing Home Equity. Strengthening Family Bonds. Celebrating The New Normal.
At Davidson Communities we know that family is everything, and in times of uncertainty, keeping our loved ones close is more important than ever.
With multigenerational living on the rise in popularity, there are advantages to having multiple generations under one roof. Multigenerational households are an excellent way for families or individuals to save money and in recent years, large numbers of young millennials living with their parents on a semi-permanent basis have accelerated the growth of multigenerational households. With the onset of the Covid-19 Pandemic, bringing elder parents into the mix is also a wonderful way to keep them safe.
With single-story plans that include multi-generational suites, and historically low interest rates, this is a perfect time to consolidate your family, while giving everyone space to thrive.
Here are some of the advantages of multigenerational living.
Saving money. Households with two or more adult generations are economical in many ways. When shared by more adults, mortgage payments or rent are lower per person than if they live apart. Other household expenses can also be shared, including utilities, food, maintenance costs, decorating costs, property taxes, homeowners’ insurance, and homeowners’ association fees. Sharing expenses gives young adults the opportunity to build savings or pay down debt. Living with their families temporarily gives young adults time to reduce debt, improve their credit and save for a down payment.
Easier home financing. Having more adults with financial assets and incomes will increase the chances of having a purchase mortgage or refinancing approved. You may also be able to borrow more.
Help with caring for the children. Having additional adults at home, particularly grandparents, helps parents with minding young children. Grandparents help grandchildren survive their parents’ divorce by giving grandchildren undivided attention and helping when single parents are overwhelmed.
Stronger family bonds. When three generations live together, family bonds are strengthened. When grandparents are involved in their lives, children have fewer behavioral and emotional problems. Grandparents can be critically important in the lives of children with divorced parents. Living with their children and grandchildren relieves grandparent’s loneliness and enriches their daily lives.
Sharing in home equity. The longer you make mortgage payments, the more equity you gain. Equity is the difference between your home’s value and what you owe the lender. You can access your equity by refinancing or selling. All the household members who make mortgage payments should have a written agreement with the borrower who is listed on the title and mortgage to share in a prorated amount of the equity at the time the house is sold or refinanced.
Longevity. A recent NIH survival analysis found that healthy members of multigenerational families have lower premature mortality rates and were likely to live longer. One reason for this might be because, in a multigenerational household, there are more adults to provide emotional support for each other. Family support encourages feelings of wellness and stability for each person.
Shared household chores. Splitting up household chores among adults and older children can result In less burden and stress.
Participating in the home interest deduction. If you are listed on the title as a co-owner on the title and on the mortgage as a co-signer, and you and at least one other person paid interest on a mortgage that was for the home, you can deduct the amount of interest you paid.