Designed to house multiple generations in one property, multigenerational homes are making a comeback. With the prices of homes on the rise and a sneaking sense of a recession in the air, many families are considering living together. This can work for some but might be tricky.
Here are some multigenerational home scenarios:
- A recent graduate moves home to start their career
- Aging parents move in for extra care
- A family moves in with parents to save money or for assistance with childcare
- The need to combine finances
Whatever the circumstances may present themselves, if planned correctly, all can live comfortably.
Some home builders have now designed house plans with a separate living quarter. Other options are:
- Add an apartment above a separate garage
- Finish a basement into an apartment
- Finish the garage into a living space
- Nanny pod
- Small guest house
- Have land? Consider a family compound
With home values high, it may be time to consider a cash-out refinance to look closely at these projects. Maybe it's time to team up with family. Combine talents and treasures to sail comfortably through any recession that may come our way in 2023.
Written by Patricia Eubanks, Vice President