When it comes to buying a home, Millennials far outpace Baby Boomers in their interest. In fact, 96% of Millennial investors are interested in making a real estate investment, compared to 83% of Baby Boomers. While Millennials might be the ones buying the homes more often, that doesn't mean they're the only ones living in them.
More and more frequently, this generation finds themselves living in a multi-generational home with both their children and their parents. Sometimes, these homes even include other extended family from older generations. A whopping 12% of home buyers purchased a multi-generational home, to take care of aging parents, because of children over the age of 18 moving back home, and for cost-saving. If you've found yourself living with more generations under one roof than you originally planned, use these tips to create a home that's more ready to welcome varying age groups.
Buy With More Generations in Mind
If you're in the process of purchasing a new home for your increased family size, be sure to let your real estate agent know what your situation is. As many as 78% of recent buyers found their real estate agent to be a very useful information source. However, your real estate agent will only be able to help you if you give them the most useful information to work with. Let your real estate agent know specifically how many people you're planning to have in the house, and emphasize age differences. This will change the style of home they're more likely to suggest to you during your shopping.
Account For Accessibility
While you might not necessarily want to sleep on the first floor, look for houses that have a bedroom available without needing to climb stairs. Elderly relatives are likely to appreciate it, and it helps to keep your family members safe as they age. One in three elderly adults suffers a serious stairway fall each year, so it's helpful to have the most frequently used spaces be as accessible as possible. Likewise, look for first-floor bathrooms that are less likely to lead to slipping and falling. If possible, try to add adaptations to your existing spaces that make the home more accessible to those with limited mobility. This can include railing, wider hallways, ramps, and more. Even if they're not necessary right now, they could be in the future.
Look For Separate Living Spaces
While not all homes will offer this option, look for homes with separate spaces for multiple generations. Some larger homes will have entire areas that can be accessed separately from the rest of the house, more like an apartment than a separate bedroom and bathroom. These spaces can help afford some privacy in multi-generation homes, making the experience of having many ages under one roof more comfortable. If this isn't already a part of your home, consider converting a living room or family room into another bedroom. The more bedrooms you can have in your home without increasing the price, the better.
Fitting more generations under a single roof is becoming a more common struggle among Millennials and their parents. Finding the right space to begin with can help, as can increasing your home's accessibility and adding private spaces. The way many modern families are living is changing, and having additional generations in a single household is part of that shift. Hopefully, these tips can make the transition period a little bit more comfortable for everyone in living in your multi-generation home.
Vacationing is one of the greatest aspects of adulting. After working tirelessly for months at a time, spending a week or a long weekend at a tropical paradise can be just what someone needs to replenish and relax. However, for a variety of reasons, millennials aren't using their vacation days as much as other generations, leaving an estimated $1.3 trillion worth of wasted vacation on the table each year.