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Multigenerational Families Squeezing Under One Roof

Posted: 8/5/2010

Multigenerational Families Squeezing Under One Roof

(NAPSI) - Three is no longer a crowd when it comes to family living arrangements--new research shows that more families are squeezing everyone from grandparents to grandchildren into one household. Coldwell Banker Real Estate recently surveyed its national network of real estate professionals and found that 37 percent have seen an increase in buyers looking to purchase homes for more than one generation of their family. Furthermore, about 6.6 million households had at least three generations of family members, an increase of 30 percent in a decade, according to U.S. Census Bureau figures.

The survey found that agents and brokers cited financial reasons as the leading factor (39 percent) driving this trend among their home buyers and sellers. However, monetary reasons were not the only factor that played into the decision.

"While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond financial reasons," says Diann Patton, the Coldwell Banker Real Estate consumer specialist. "With two or three generations living under one roof, families often experience more flexible schedules and quality time with one another, and can better juggle child care and elder care."

With more people looking for multigenerational homes, Patton recommends that home buyers who fit this description make sure they are clear about their exact needs. Some families may just want additional bedrooms for family members, while others require areas with a separate kitchen or entrance, handicap accessibility or even a larger garage. Desired location may also be influenced by proximity to local hospitals, senior centers or other important activities for family members.

Extended families purchasing a home together should also consider signing a written contract outlining everything from finances to chores and child care. Each family should assess its situation individually and find a plan that works best for them all.

As more multigenerational buyers enter the marketplace, sellers with homes that fit the bill may find themselves at an advantage. Whether it's a garage apartment turned into a "mother-in-law suite" or a refurbished basement, this separate space can help one home stand apart from the others on its block.

Ultimately, communicating with family members and consulting with real estate professionals are key steps in the process. "Talk to everyone involved and determine how comfortable the family members are about sharing bathrooms, office space or common areas and let that guide your search," Patton advises. "All these topics are incredibly important in finding the right kind of home to fit the family."

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