Planning A Multi-Generational Home Purchase? How To Avoid Problems When Buying A Home With Your Parents
Posted on: 8 February 2018
If you've decided to purchase a home with your parents, you should know that you're not alone. In today's economy, many people are recognizing the benefits of multi-generational housing. More people are choosing to live with their parents well into their adult years, unlike past generations when everyone wanted out as soon as they turned eighteen. If you and your parents are going to be purchasing a multi-generational home, you'll need to make sure that you get everything right. You don't want to make the purchase and then realize that not everyone's needs were met. Here are four important steps you should take now that you're planning for a multi-generational home purchase.
Make Sure There's Plenty of Space
The one thing you should remember when purchasing a home with your parents is that everyone is going to want their space. You may all enjoy spending time together, but there will be times when you need your own space. When looking at homes, you'll want to take that into consideration.
Take Everyone's Needs Into Consideration
When it comes to purchasing a home, be sure to take everyone's needs into consideration. This includes things like commute times, leisure activities, etc. For instance, if you and your parents are still working, you'll need a home that provides an easy commute for all of you. Leisure activities are also important to plan for, especially if you and your parents have active social lives. Taking those issues into consideration will prevent problems once the home is purchased and you're all living there.
Consider a Custom Home
If you and your parents are having a hard time finding a home that suits everyone's needs, it might be time to consider a custom home. Having a home built will ensure that it contains everything you'll all need to lead a happy, multi-generational life. One benefit to choosing a custom home is that you can design it with personal space in mind. For instance, you can design a home that has a common family area, with separate sleeping quarters on opposites sides. You can also design a home with two separate living areas that allows you to live together, but with your own personal space.
Get an Attorney Involved
If you have other family members, you may want to get an attorney involved, especially if everyone isn't onboard with the multi-generational housing idea. Getting an attorney involved will ensure that the home is protected should your parents pass away. You'll want to make sure that other family members don't try to include the multi-generational home you purchased with your parents in the assets once your parents pass away.
For help with purchasing a home, contact companies like Sullivan Hill Country Properties.
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