The Top Benefits of Buying a Multi-Generational Home

Has the idea of sharing a home with loved ones like your grandparents, parents, or other relatives crossed your mind? If so, you’re not alone. More buyers are choosing to go this route and buy a multi-generational home. Here’s a look at some of the top reasons why, to see if a home like this may be right for you too.

Why Buyers Are Opting for Multi-Generational Living

According to the National Association of Realtors (NAR), two of the top reasons buyers are opting for multi-generational homes today have to do with affordability (see graph below):

First-time buyers are focused most on cost savings – with 28% saying this was a key reason for them. By pooling their resources with others, they can share financial responsibilities like mortgage payments, utilities, and more to make homeownership more affordable. This is especially helpful for those first-time homebuyers who may be finding it tough to afford a home on their own in today’s market.

Buyers are also turning to multi-generational homes so they can more easily afford their dream home. Both first-time (28%) and repeat buyers (18%) chose to live with others so they could buy a larger home. When everyone chips in and combines their incomes, that big dream home with more space could be more within reach.

But multi-generational living isn’t just about the financial side of things. According to the same study from NAR, 23% of repeat buyers chose to buy a multi-generational home to make it easier to care for an aging parent. Many older adults want to age in place and a multi-generational home can help make that possible. For those older adults, it gives them an opportunity to maintain their quality of life while being surrounded by their loved ones. As Axios explains:

“Financial concerns and caregiving needs are two of the major reasons people live with their parents (and parents’ parents).”

Lean on an Expert

Finding the perfect multi-generational home isn’t as simple as shopping for a regular house. That’s because there are more people with even more opinions and needs to be considered. It’s like solving a puzzle, and the pieces need to fit just right.

So if you’re interested in the many benefits multi-generational living offers, partner with a local real estate agent who has the expertise to help.

Bottom Line

In conclusion, staying informed about the factors influencing mortgage rates is crucial, especially with the upcoming Fed meeting. To make the most informed decisions for your moving plans, having a reliable team of professionals is key. If you're considering real estate in Telluride, look no further than Mountain Rose Realty. Our expert team, led by the experienced Anne-Britt Ostlund, is dedicated to helping you navigate the dynamic real estate market in Telluride.

Whether you're interested in Telluride homes for sale or exploring real estate opportunities in Telluride, CO, Mountain Rose Realty has the expertise to guide you. Stay ahead of the curve and ensure a smooth real estate transaction by choosing a team that understands the nuances of the market.

For all your Telluride real estate needs, trust Mountain Rose Realty to provide personalized, knowledgeable, and professional service. Anne-Britt Ostlund and our team are committed to helping you find the perfect home in this breathtaking mountain town.

To explore the best homes for sale in Telluride, CO, and to benefit from the guidance of seasoned real estate professionals, contact Mountain Rose Realty today. Your dream home in Telluride awaits, and our team is here to turn that dream into a reality.

Thank you for reading our insights on the factors influencing mortgage rates. For more updates on Telluride real estate trends and valuable tips for navigating the market, stay tuned to our blog. Mountain Rose Realty is here to be your trusted partner in all your Telluride real estate endeavors.

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