Pros & Cons of Building a Multigenerational Home
Multigenerational homes are a growing trend in custom home building, but is it right for you? This guide explores the pros and cons of cohabiting with family, helping you decide if a custom multigenerational home is your happy-ever-after or a recipe for frustration.
What is a Multigenerational Home?
Multigenerational homes are properties that accommodate three or more generations either in a single house or on the same land.
There are three basic types of multigenerational homes:
- Single home with dual primary suites
- Single home with a smaller “mother-in-law” suite
- Two single-family homes on one property
- Duplex-style home (separate but connected)
Are Multigenerational Homes a Good Idea?
As with most things, there are a handful of pros and cons for building a home to accommodate multiple generations.
Pros of Multigenerational Homes
1. Reduced financial burden
As housing prices across the coastal Carolinas remain considerably steeper than usual, buyers are looking for creative ways to save some extra money. By dividing costs (like maintenance, groceries, and mortgage and utility payments) among generations, multigenerational living situations can make homeownership more affordable and free up funds for other goals.
2. Enhanced support (for children AND aging parents)
Grandparents can age at home with the help of loved ones and young children can thrive and learn with a small “village” of support. Family bonds will grow stronger and families will save loads of money on childcare and eldercare. Plus, a couple extra sets of hands for dinner prep, laundry, and other household chores certainly couldn’t hurt!
3. Bigger customization budget
Pooled budgets allow for custom features and touches that cater to everyone's needs and preferences – considering everything from privacy and accessibility to comfort and extra amenities.
4. Increased Property Value
Multigenerational homes are hot and in demand. If your family decides the living arrangement isn’t a good fit, you’ll have no trouble finding a buyer.
Cons of Multigenerational Homes
1. Tricky planning & design process
As you factor in additional opinions and personal preferences, the home design process becomes much more complex. Will grandad be able to access the parts of the house he needs? Will grandma get her sewing room? Will the dining room and other shared spaces comfortably fit everyone in the house? Are there areas where people can escape for some personal privacy or a little moment of peace and quiet?
2. Space & lifestyle conflicts
Even close families can clash when under the same roof. Before you take the plunge and build a multigenerational home, honestly assess your family’s ability to resolve conflicts and manage the emotional stress of sharing a home. Open communication (and a well thought-out home design) is crucial to manage differences in routines, noise levels, and privacy needs.
3. Increased financial complexity
Splitting costs complicates your annual tax payment and long-term financial planning – another reason your family must excel in communication. And although you might pay less on monthly costs, the initial construction costs will be a little higher than they’d be for a smaller home.
Conclusion
Building a multigenerational home is a personal choice. Carefully consider your family dynamics, communication skills, and ability to manage shared living. If you do decide to move forward, do yourself a favor and find a custom home builder with a history of clear communication, transparency, and experience with complex projects.
Build Your Custom Home in Hampstead, NC With Reeves Custom Homes!
Ready to explore your options? Contact us today to discuss your dream custom home – multigenerational or not!
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