With the cost of housing being so high in the Metro Vancouver and Fraser Valley real estate markets, the idea of multi-generational living is gaining popularity. Especially for younger people and first-time buyers, getting on the property ladder can be nearly impossible due to high home prices. As such, having more than one-generation purchase a home together is a practical solution to buying a home more affordably. It also helps to keep monthly living expenses at a reasonable level. This makes a great deal of sense in an area like Vancouver, BC that has among the highest cost of living anywhere in North America.
If you are a home buyer looking to buy with your child or parent/s read on...
THE BENEFITS OF LIVING WITH FAMILY
Buying a Vancouver area home jointly for multi-generational living can be a good idea for several reasons, as it offers various benefits to all the family members involved. Here are some reasons why it can be advantageous:
1. Cost Sharing: Purchasing a home jointly allows the financial burden to be shared among multiple family members. This can make homeownership more affordable for each individual or family, as they contribute to the down payment, mortgage payments, and other associated costs.
2. Shared Expenses: Once everyone is living together, the ongoing expenses, such as utility bills, property taxes, and maintenance costs, can be divided among the residents. This can lead to significant savings for everyone involved.
3. Closer Family Ties: Living together in a multi-generational setting fosters stronger family bonds and allows for more frequent interaction and support between different generations. It provides an opportunity for grandparents, parents, and children to share their lives and experiences more closely.
4. Caring for Elderly Family Members: Multi-generational living can make it easier to care for elderly family members. It allows them to stay within a familiar environment while receiving support and assistance from other family members, reducing the need for often expensive external caregivers or assisted living facilities.
5. Childcare Support: For families with young children, having grandparents or other relatives in the same household can provide built-in childcare support, making it easier for parents to manage work and family responsibilities.
6. Pooling Resources: In a joint living arrangement, resources like skills, time, and possessions can be shared among family members, making daily life more efficient and enjoyable for everyone.
WHAT TO LOOK FOR IN A HOME
When considering the type of home suitable for multi-generational living, certain features and layouts are more conducive to meeting the needs of all family members. Here are some considerations:
1. Separate Living Spaces: Perhaps most important, look for homes with distinct living spaces that can provide privacy and independence to each family unit. This might include separate entrances, living rooms, kitchens, and even bathrooms. In Metro Vancouver and Fraser Valley housing markets, there is no shortage of houses with basement suites or side suites or laneway homes.
2. Adequate Bedrooms and Bathrooms: Ensure the home has enough bedrooms and bathrooms to accommodate all family members comfortably. Having enough personal space is crucial for a harmonious living arrangement.
3. Accessibility: If elderly family members are part of the household, consider single-story homes or properties with accessibility features like ramps, grab bars, and wider doorways to accommodate mobility needs.
4. Functional Common Areas: Common areas like a spacious kitchen, dining area, and living room are essential for fostering family interaction and bonding. Outside the house, a patio, sundeck and backyard can also be great spaces to make memories and connect.
5. Outdoor Space: Having a backyard or outdoor area can be a valuable asset for relaxation, recreation, and family gatherings.
6. Location: Consider the location's convenience in terms of proximity to schools, workplaces, medical facilities, and other amenities.
7. Future Flexibility: Think about the long-term needs of the family. The home should be adaptable to changing circumstances as family dynamics evolve.
MAKE THE MOVE
In summary, buying a home jointly for multi-generational living can be a practical and fulfilling choice, providing financial benefits, strengthening family bonds, and offering support and care for all family members. The suitability of the home depends on factors like living space, privacy, accessibility, and potential for adaptability to future needs. Many cultures embrace this arrangment of living. If arranged right, up front, with clear and open communication around expectations and responsibilities, this can be a great way to have your own home in Metro Vancouver. Join the thousands of families already living in this type of arrangement.
If you would like to get started with exploring homes that might be a good fit for your family, please contact me today to discuss your options. I would love to help find your family a home that would enhance your quality of life and give you pride of ownership together.