3 reasons to buy an intergenerational home

Intergenerational homes can take many forms, from a building where each person has their own unit to a large residence with shared common spaces. The idea is to bring together more than one generation under the same roof. Here are three reasons why this concept has been gaining in popularity.

1. Care for elderly parents
Many people are increasingly questioning the standard model within western society in which seniors live apart from their families. Stories of loneliness, neglect, and even abuse have prompted more people to take their elderly parents or grandparents under their wings.

2. Assist with everyday life
Living with your parents or grandparents comes with responsibilities. However, it also offers significant benefits. Young families can benefit from the experience of their elders, both in terms of practical knowledge and life lessons. Grandparents can also participate in the family dynamic by babysitting and helping with daily chores.

3. Ease family finances
As real estate prices continue to rise, intergenerational homes are an appealing option for young families who want to own their own place. In fact, cohabitation can be financially beneficial for both parties. For example, the mortgage payments and other expenses like groceries and transportation can be shared.

Of course, opting for this type of shared living arrangement can also lead to conflict. It’s therefore essential to think it through and establish rules to govern daily life.

Are you interested in buying an intergenerational home? Contact a real estate broker to discuss the possibilities.