A growing number of home buyers are seeking homes designed for multiple generations to live conveniently under one roof. That’s according to the 2018 Home Buyer and Seller Generational Trends Report from the National Association of Realtors (NAR).
According to the report, one in five homebuyers between the ages of 53 and 62 purchased a home that was suited for more than one generation of family members last year. Those aged 72 to 92 accounted for 17% of those purchasing multi-generational homes; 38- to 52-year-olds, 15%; 64- to 71-year-olds, 14%; and those under age 37, only 8%.
Why Are More Buyers Seeking Homes Designed for Multiple Generations?
Not surprisingly, the top reason for seeking homes designed for multiple generations is to make it easier to care for elderly and aging parents. Other reasons included in order of importance: cost savings, children over 18 moving back in, children over 18 never leaving home, to spend more time with aging parents, to get a larger home that multiple generations could afford together.
What Are Some of the Multi-Generational Features Buyers Want?
According to realtor reports, homes with multi-generational features are easier to sell. Agents say that homeowners are looking for multi-generational features like extra bedrooms with private living areas on the first floor. Many buyers also look for wider doorways and baths that can accommodate wheelchairs, and extra bedrooms with their own separate bathrooms for adult children living at home.
Some buyers are even looking for or adding custom features in new construction not typically found in homes like elevators or closets stacked in multi-level homes which can later be converted elevator shafts if needed. Or they’re buying homes with pool houses or other outbuildings with the potential to be converted to extra living quarters in the future.
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Lakeside Title provides title insurance and numerous title-related services, all while making sure your transactions and funds are protected and secure. Our processes streamline residential and commercial real estate transactions for lenders, realtors, buyers and sellers. To learn more, give us a call at 410-992-1070. We look forward to the chance to serve you!
