Multi-generational living is a longstanding tradition that is quickly regaining popularity. This is especially true as the supply of houses becomes smaller and everything becomes more expensive. Under the right circumstances, living together can help everyone involved thrive and prosper.
It isn’t just adult children moving back home to save money and hopefully save up for a place of their own one day. This situation also works in reverse, and many older parents and relatives are moving in with their children. It’s a way to share the financial burden, but it can also be for safety reasons and to avoid loneliness as we age. We could go on and on about the benefits of combining households.
However, there could also be challenges ahead, both logistic and emotional. Living with other adults is hard sometimes, and compromise is often necessary to keep the peace. Fortunately, there are ways to enjoy the benefits of sharing one roof while maintaining your privacy – and your sanity! Let’s explore a few of these options in greater detail.
Plan for Every Scenario
The first secret to a positive real estate experience is to plan for everything that might happen, both good and bad. We love our parents, and they love us. However, anyone who has ever tried living or even vacationing together knows that it isn’t always easy.
Disagreements can arise over the tiniest of details. The music is too loud (or new and weird or old and corny), whose turn it is to buy milk, why are there so many cars in the driveway, and what the heck are you watching on TV?
Different generations hold different values, yet everyone is an individual, and the occasional kerfuffle is inevitable in the best of situations. The goal is not to avoid it, but to have a plan to deal with it swiftly and effectively. This begins with a conversation about your lifestyle preferences and theirs. For example:
- If you like to play loud music and they prefer peace and quiet, moving in together may be like swimming in shark infested waters – unless you can come up with a schedule where you crank the volume while they’re not home.
- Are there children running around and jumping that relatives living below will find bothersome?
Noise is a fact of life, and there’s no getting around it. You and your relatives might be okay with it – some even revel in the sounds of play and laughter. Alternatively, noise-proofing technology has come a long way. In addition, a good pair of ear plugs costs next to nothing.
Successfully combining homes and making everyone happy comes down to honest communication. At the end of it all, you may decide living together is not worth jeopardizing your relationship. If you decide to go ahead, it becomes a matter of logistics.
Should you and your parents choose Peterborough? Here are a few great reasons to make this city home for your entire family:
- Is Peterborough Dog Friendly?
- Is Peterborough Safe?
- What Are the Best Ways to Stay Active in Peterborough?
Sell One Property
If both you and your parents own a house, selling one can make the most sense financially. The proceeds can go towards upgrading the other to accommodate two families or to fund other pursuits.
Once again, crystal-clear communication is essential. If your parents are the ones selling their home, how much will you expect them to contribute towards your living costs? You want to make sure you are all on the same page before taking the next steps. These decisions may be impacted by numerous factors, including:
- How much equity is in the property?
- Is the mortgage paid off in full or is there a balance remaining?
- Does the home staying in the family need upgrades or repairs?
- Are any renovations necessary to make the home more accessible, such as wheelchair access or stairlifts?
Construct a Secondary Suite
Building a secondary suite can solve a lot of the problems of multi-generational living, if the size of the existing home and budget allow it. Two separate living spaces under one roof mean everyone enjoys the financial benefits with maximum privacy while staying close together.
This means no arguing over what colour to paint the walls or what appliances to buy. Each party gets to make their decisions based on their own tastes and preferences. In addition, a secondary suite can add income potential later on, creating significant value should you ever decide to sell. Secondary suites can come in a variety of structures with varying needs for construction.
Basement apartments are often the most straightforward path. However, they can also lead to conflict regarding noise, as we discussed earlier. You may want to consider also adding noise-proofing, or at least having a frank discussion about what to expect.
Main-level in-law suites can be ideal, especially for older adults with mobility issues who may need additional care.
Garden suites are a separate residence constructed on the same lot. They will cost more and take longer to build, but are a fantastic solution for families looking for total privacy and separation.
To learn more about secondary suites, check out our post Everything You Need to Know About Carriage Homes and Secondary Suites.
Sell Both Properties and Start Anew
When one person moves into someone else’s house, it can be difficult for them to ever feel like their space is truly theirs. No matter how long you live there, you may always feel like a guest and never fully at ease in your own home.
If either you or your parents fear this may be the case, the solution may be for both parties to sell their existing homes. The combined proceeds could allow you to find a bigger property that is more suitable for multi-generational living, where everyone can feel at home.
This process may sound simple, but it actually involves three separate real estate transactions, two sales and one purchase – all of which take place over a short time.
Sometimes, it’s best for both parties to make a fresh start when combining households. In that case, the posts below will help when buying and selling Peterborough real estate:
- Beyond Staging: Adding the Most Value for the Least Effort
- A Guide to the Current Peterborough Housing Market
- Is It Better to Buy or Sell First in Peterborough?
Consult a Peterborough Real Estate Agent
A local real estate professional can help you streamline every step so you get the best value at each turn. These services will include a comparative market analysis of both existing properties to determine the best pricing strategy for the current market. Once the value is established, your expert will help you determine what upgrades and improvements will maximize your earnings.
Once your existing properties sell, your agent can scour the market for the perfect home to accommodate two families, giving you the best chance at harmonious living with your loved ones close by.
Do you have questions about buying or selling a home in Peterborough? Our experienced real estate agents are happy to help with anything you need. Reach out today to team@jeffandkatie.ca or 705-243-9797 to begin a conversation.
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