Making Room for Life’s Changes: Finding the Balance in Multi-Generational Living

December is a wonderful month full of celebrations with loved ones, joyful gatherings, and a new start. Christmas is a favorite holiday of mine and getting to be with family is a tremendous gift. This time of year, can also bring on potential changes in your real estate journey. Seeing loved ones who have aged or are beginning their family, can be a catalyst for a new direction, one you may not have considered before.

Opening your home to an elderly parent or someone in need of a temporary landing place can change what you thought was your last home or your dream home. There are many options for these new pathways, some real estate based and others a cooperative effort for everyone to blend comfortably.

During my many years in real estate, I’ve seen many combined living situations find homes that, alone, they would never need, but life comes along quickly and circumstances change. When an elderly parent joins their children, finding the ever elusive “mother-in-law” suite becomes a priority.

Many parents still want autonomy to cook and do their own laundry but with security of loved ones nearby. If a full suite isn’t available or affordable, two ensuites become the search option or just one and the parent(s) take the ensuite to maintain their privacy and independence.

Other times, families blend parents, children and grandchildren to help with living and childcare costs. In some cultures, this is a standard way of life, long before age enters the equation. Often, a full basement with a walk-out door is the goal for this dynamic along with multiple bedrooms, additional living/family room and a kitchen or place to perform minor cooking tasks. This set up is great for bringing together generations where traditions are passed down and created within the new living dynamic.

Whatever the path, it’s a valuable discussion to have within a family to find out what they would like to do once they feel a living situation needs changed. Each family and circumstance is different and consulting a trusted real estate agent is important to know what to expect regarding prices, location and home size.

Happy Holidays to you and your family and any decisions you may make in your real estate journey.