The real estate industry brought you the iconic phrase “location, location, location,” and now it’s got a new one for you: “Multigenerational housing.” No, this isn’t a new concept, but Southern Maryland housing that caters to several generations of a family under one roof is gaining in popularity.
We began seeing the demand for this type of housing back during the recession, when unemployment sent younger workers back to Mom and Dad’s house. Then, there’s the fact that Millennials tend to put off marriage and remain at home longer, according to Diana Olick of CNBC.
Another driver of the multi-gen housing market is immigration. “In Asian and Hispanic cultures, multigenerational living is usually the rule. As these immigrants move to the U.S. in greater numbers, they bring the trend along with them,” Olick says.
Burns Consulting surveyed 20,000 homebuyers last year and found that 44 percent said they wanted room for their parents. Forty-two percent were parents who wanted room for their adult children.
Thinking about moving in with your kids or your parents? Read on for some tips from the 51 million Americans who have done it.
Home shopping tips
Privacy is the most important aspect to consider when shipping for a multi-generational property in Southern Maryland. Each member of the family should a space to call their own, a place to retreat. This may mean building an in-law unit or building new walls to divide rooms.
Don’t forget to look into local zoning laws if you choose the former or find a large home to take advantage of the latter.
If you choose a community where home builders are catering to the trend – lucky you! Lennar, for instance, offers NextGen homes, also known as The Home Within a Home®. They’re currently offered in 13 states – including Maryland! The other states are Washington, Oregon, California, Nevada, Arizona, Colorado, Texas, Minnesota, Florida, North and South Carolina, and Virginia.
The money stuff
It’s uncomfortable, but the financial aspect of buying a Southern Maryland home and its ongoing costs are a discussion that you should have early in the process. And, the discussion should not be “a parent-kid thing,” according to John Graham, co-author of “All in the Family: A Practical Guide to Successful Multigenerational Living.”
He goes on to caution that families should aim to “level the hierarchy of the family,” treating each member as adults. Some of the topics of these conversations should include:
- Who will buy the property?
- How will title be held? It’s important to understand the different ways of holding title. For instance, what happens to the home upon the death of the primary buyer?
- How much will each adult contribute each month to the mortgage payment?
- Lists of each family member’s must-haves in a home and those he or she can’t tolerate.
Talk to your attorney to make sure you’ve discussed all the ramifications.
Talk to one another
Some families excel at open communication while others find it challenging. “The biggest factor in successful arrangements is communication,” Donna Butts, executive director of Generations United, tells Sue Campbell, author of “The Aging Well Revolution: How New Communities and Technologies Help Us Live.”
“You need to sit down before someone moves in and talk about expectations and parameters, including how you’ll divide up food, utilities and responsibilities,” Butts says. “Another important question to ask is whether the situation is permanent or temporary.”
You should also be clear on mutually agreed upon house rules, preferably before everyone moves in together.
Dysfunctional families may find the thought of multigenerational living intolerable, but for those families who enjoy close ties and harbor respect for one another, it may just be the ideal lifestyle.
Hughesville MD Homes for Sale and Real Estate Services in Southern Maryland. You now have a search engine to help you with your Southern Maryland home search! And I’m ready to provide you with a custom home valuation if you’re considering selling your home. Let’s connect to discuss how I can help you. Contact Kimberly Bean at 301-440-1309
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