Considering a Multi-Generational Home Purchase in Charlotte County

Considering a Multi-Generational Home Purchase in Charlotte CountyIf you have considered living in the same home as your parents, grandparents, a great aunt, or maybe a niece, etc. You are not alone. Many homebuyers have turned their sights to purchasing a home in a joint effort with loved ones. Here is why more American homebuyers are considering a multi-generational home purchase, including Charlotte County and Punta Gorda buyers. 

Why People are Choosing Multi-Generational Home Purchases

Results from the National Association of Realtors research found a few key reasons why some home buyers are opting for a purchase together with multiple generations in their family. They include:

  • Overseeing the health and caretaking of older generations
  •  Sharing the cost of homeownership
  • Ability to spend more time with loved ones
  • Purchasing a larger home that multiple buyers could afford together

The top reasons that homebuyers made a decision to go ahead with a multi-generational home purchase included the caretaking of older aging relatives. In most cases, aging parents and being able to spend more time with parents and older relatives. 27% of home buyers purchasing a multi-generational home did so for healthcare and caretaking purposes while 19% did so to spend more time with loved ones. Research is finding that more older adults would prefer to age and place in their home and if purchasing a home together with younger loved ones helps them to be able to do that then they are willing to make a multi-generational home purchase.

Though many people instantly jump to the conclusion that this is why younger generations would choose to live in the same home as their parents when they are full-functioning adults it is not the only reason. 22% of homebuyers reported picking a multi-generational home to help them cut down on the cost of homeownership. 11% of buyers opted for purchasing a home with another generation of buyers in their family to be able to purchase a larger dream property that they could afford when pulling the resources together.

Sharing the Cost of a Home 

More American home buyers across the country are considering purchasing with other family members to help afford a home that they truly love. This could mean sharing the cost of a mortgage or pulling resources together to retain the best mortgage rate possible and make homeownership more affordable. A growing number of first-time homebuyers in Charlotte County and around the globe have found this to be a very helpful strategy to make homeownership a reality in today's real estate market.

Purchasing a multi-generational property does not mean that you have to live under the same roof as your parents all over again. For some buyers, it means being able to purchase a larger home on acreage with a guest property where all buyers of the home have their own space while everyone works together to keep the cost of owning the property down.

Help in Finding a Multi-generational Property

Shopping for a home that will work for a multi-generational home purchase in Charlotte County is not as easy as merely going out and looking for homes. The best strategy for finding a multi-generational property that will work for you is to work with a real estate agent. They can help you to navigate the trickier home shopping aspects of finding a home that will work for all of the buyers involved in the home purchase process. A property that will fit several different needs and help to marry different styles and tastes together in one home.

If you are considering purchasing a home with a loved one, either to be closer and spend more time with loved ones, or to more easily afford a more comfortable Punta Gorda or Charlotte County home, please contact me. I am here to help you find the ideal Charlotte County home no matter your buying needs. Contact me anytime with any Charlotte County and Punta Gorda real estate needs.

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