As real estate prices continue to rise, we are seeing an influx in multigenerational living. Whether for affordability, help with childcare, medical care, etc., multigenerational living has become increasingly common in today’s market. While there are many perks that may come with multigenerational living, there are also a few challenges you must be prepared to face. As with all things, each situation is unique, however, there are a few common things to consider if you’re planning on participating in the growing household trend.
Related: Is Arizona Still Affordable?Costs and Budgets
This may be one of the biggest hurdles you’ll face and can often cause a heavy amount of stress and in many instances, can cause arguments amongst friends and family. Does one person enjoy a temperature-controlled home where the heat or air conditioning is running year-round? This can be quite costly so if another member of the household prefers to penny pinch and avoid using the HVAC when necessary, this could result in a budgeting conflict. This is just one example of budgeting conflicts that could arise, other examples could include:
- If someone has a larger room, will they pay more monthly?
- If you park in the garage, will you pay more than someone who parks in the driveway?
- If someone works from home, will they contribute more to the electric bill?
The list of questions could be seemingly endless. It is vital to take a deep dive into your finances and set realistic household budgets that take costs into consideration.
Lack of Privacy
Another huge thing to consider is that privacy will essentially be non-existent. While some families are closer than others, there is something to be said about having your own space and with multigenerational living, you simply don’t as most spaces are shared with the other members of the household. Really think about how having little privacy will affect you prior to purchasing a home with relatives or friends.
If multigenerational living is something that you are considering, a great tool to ensure that everyone can enjoy their home is to hold monthly household meetings. These meetings are vital for the first few months as they help you discuss any concerns, re-evaluate budgets and household costs, etc. This allows everyone to feel as if their voices are heard and keeps the home flowing smoothly.
If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you or if you have any further questions regarding Arizona Real Estate, please feel free to contact our officeat any time.