Moving out is expensive for young adults who have just got their first job and are still struggling to become financially stable. On the same note, retirees also worry about being able to afford home maintenance and repair costs. A multigenerational home can be the answer in this case. It is defined as a household with more than two adult generations living under one roof. It also applies in the case where grandparents live with grandchildren who aren't 25years yet. Multigenerational homes are not just about financial concerns though. They also address the issues of location, interests and even family relationships. Therefore, they have been on the rise in the US over the recent past. If you are wondering whether this would be a good move for your family, you should keep on reading to know more
Benefits of Multi-generational living
Sharing of financial expenses
It would cost far less to maintain one household compared to two. When more than one family is living under the same roof they can allocate finances accordingly and share expenses. It's much better than having each one of them struggle separately to make ends meet. That's how some family members end up living in poverty because they have too much financial responsibility. The ones hit the hardest are the young ones who are trying to make it on their own for the first time. Opting for a multigenerational home means everyone will have enough time and finances to realize their dreams without having to forgo meeting their basic needs.
Sharing homeowner responsibilities
Buying a home might seem like the biggest challenge but maintaining it well isn't easy either. Paying your mortgage is all about making sure you have sent the check at the end of the month. However, maintenance and repair of the home require you to be hands-on. Not only will you have to pay for the services but also go out of your way to find the service providers. Also, you must get any other supplies and resources they need to do a great job. It can be overwhelming for one person.
In a multigenerational home, the chores can be distributed amongst the members of the family. Even the young ones can be assigned age-appropriate responsibilities to ensure everyone contributes. Thus, think of it as taking a load off your shoulders on matters to do with homeowner responsibilities.
Strengthens family relationships
Most families not living together get to meet only on special occasions or when tragedy affects one of their own. However, when living in a multigenerational home you get to see each other daily. The level of closeness and attachment that comes with that is unmatched. Grandparents get to interact with the grandchildren daily and teach them how to connect with elders and still maintain respect.
The elderly will also feel useful since they are contributing towards providing for their kids and grandchildren. This can be through helping them with homework or just life advice. It is better than them being taken to assisted living communities or nursing homes where they'll have no option but to adhere to a routine.
Living with an extended family also means there will be more than enough people for you to interact with daily. Loneliness isn't just a problem for the elderly but even for teenagers and young adults. Daily activities with family members and spending leisure time with them will be the perfect cure for loneliness. It isn't a great feeling being lonely and having no one to talk to.
Multigenerational homes boost family safety
When several families are living under one roof rarely will the home ever be unoccupied for long. With someone always at home, burglars will keep away. On the same note, the elderly will never be left alone which minimizes the chance of accidents. Also, with everyone chipping in to help in caring for the elderly less money will go towards paying for homecare services. Nobody wants to see their family member suffer which means the care offered by family members will be full of love and compassion. It is the best because it isn't done just to get a check at the end of the day.
Flexibility in multigenerational homes designs offer privacy
Many people are hesitant about welcoming the idea of multigenerational homes because they are afraid of losing their privacy. With several people in the house, it might feel like one can ever find a place to be alone when they prefer solitude. However, there are multigenerational home designs that ensure every family member can have quiet time whenever they need it. Separate bathrooms, kitchens, and even bedrooms allow separation between generations in the household.
Challenges of multigenerational homes
As much as this arrangement has several benefits there are challenges as well. Different living styles, personality types and even in-law relationships can end up causing friction. If some people have rigid expectations in matters to do with housekeeping, family routines and even childrearing things can sprawl out of control fast. Also, caregiving expectations and joint finances should be discussed before the idea of a multigenerational home is welcomed. Developing budgets and even writing down plans will help avoid misunderstandings that can drive a wedge between the families. In matters to do with estate planning and homeownership, it would be better to bring in a financial representative to sort it out.
Even with the challenges that come with living in a multigenerational home, you can't ignore the financial, emotional, and even practical benefits. The challenges can be easily solved by figuring things out before moving in together. If each family member is willing to work through the problems it will be a great arrangement. Besides, everyone will be living in the best standards instead of struggling to make ends meet. Also, there'll be no guilt of being the one who has a good life while the rest are barely surviving. A multigenerational home also ensures the future of the generations to follow is secured as far as living arrangements go.