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April
22

Multigenerational Home Buying

Our REALTORS® at Haring Realty are excited to present an outstanding collection of Mansfield homes for sale this season. Our team is here to help clients achieve their goals in the real estate market – we help you every step of the way.

One trend that's become important here in Mansfield is the multigenerational home.

Economic shifts of the last few years have made it much more difficult for young people to buy a home. Job market fluctuations have left many in their 20s and 30s challenged to reach the kind of career they want. At the same time, elders are seeking stability in retirement and beyond.

The multigenerational family home is the solution that can serve both these needs.

The ideal multigenerational home in Mansfield provides convenient access to amenities – and plenty of space – so everyone can enjoy the lifestyle they want. One home may not do everything for everyone, but a little planning can lead to a solution everyone can be happy with.

Here's how to make it happen:

  1. Identify Each Person's Needs
    Your plan for a multigenerational household should start with needs rather than wants. Elders may need mobility enhancements on the property, for example, such as ramps and grab bars. This would require you to focus on layouts with certain amenities on the bottom floor.

    However, any member of the household may have needs: For example, young people could benefit from a separate study area away from noise and traffic. When you think about it, each person probably has a quality of life issue that warrants consideration. List them.

  2. Then, Look at Each Person's Wants
    From there, you can start thinking about "like to have" elements of the home.

    No doubt, everyone has a few things they'd love to see in their new home. Now's the time to let your imagination soar. Have each individual contribute 3-5 items. Not everything will come to pass, of course, but this lets you focus on areas where there's broad agreement about your wants.

  3. Consider the Budget for Your Home
    Budgeting becomes a bit more complex when there's multiple adults, twenty-somethings, and even elder teenagers under one roof. For example, elders may have a fixed income that they need to budget carefully, while youths might only work occasional or seasonal jobs.

    Working together, determine how much each person can contribute to monthly expenses. This will give you a baseline idea of how much house you can afford. Remember, your home should cost less than 20% of total take-home pay; 25% is acceptable in some cases.

  4. Prioritize Space and Privacy
    In a multigenerational home, it is crucial not to leave anyone feeling they are an unwanted guest in someone else's space. Separate entrances can go a long way to preventing this feeling. Each generation should enjoy its own dedicated living area, not just bedrooms.

  5. Use Available Space Creatively
    Even in a robust market like Mansfield, you might find no home is exactly right. If so, a few quick renovations can tailor a property to you. Storage spaces or underutilized areas like the attic could be converted into living areas. New rooms could be added over the garage. In some cases, adding a closet to an existing side-room can set the stage for a new bedroom.

Finding a great multigenerational home becomes much easier when you choose the right real estate agent. Let your agent know about your goals so they can guide you to homes likely to meet your needs. Contact us to find out more. We look forward to advising you.

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