When you have to accommodate various generations of people under one roof, you need more space. Joint family system requires more rooms as people of various generations live together. In that situation, you cannot expect privacy when your friends are invited to your home. The investors consider this multi generation household as profitable option because when more number of working people live under one roof, the savings are more than earnings. This has led to the expansion of the housing unit and led to the new inventions. New condos are attaching these guest suites as many households prefer a multigenerational lifestyle.
Dc Fawcett Real estate professionals have come up with a solution, it can be called as in-law suite or guest house or attached apartment.
Dc Fawcett real estate talks more about multi-generational housing.
Guest bedrooms are now part of the floor plan, having an individual entrance door so that independence and privacy is ensured.
Guest space can be decorative. This space can be utilized for various purposes until guests or in-law occupy. The common ways of utilizing the space are setting up a office or use the room for home theatre experience or any kind of entertainment equipment can be setup or you can use for a sleepover with your friends.
The newly built guest suite comes up with an ocean view and kitchenette bridging the gap between the visitor and the owner. To consider it as a separate entity, guest in-law suites instead of offering a full-fledged kitchen, only a kitchenette is provided.
Before purchasing the property, check the surrounding zoning and whether the property comes under any home owners association. If the property is under this association, you are not supposed to rent it out as it is considered to be a form of business. Many scammers pretend to be real estate agents and offer you homes for rent that violate these regulations.
Benefits of multigenerational housing
Children get easily attached to their grandparents in this housing style, which was not possible in single family homes.
- Living expenses are shared.
- Building strong relationships.
- Close proximity and you get help from many people when you are sick
- In case of any calamity or emergency, there are many people to assist you.
- The maintenance work is shared
- If there are babies at home, there is no need of baby sitters as family members can take care.
- Retired life of the old people can be spent with grandchildren.
When you vacate, there is another multigenerational family to buy your home for sale.
Either multi generations people occupy different rooms in the apartment or it is used as floor wise where parents take up first floor and growing adults use the ground floor.
To know more about multi generational housing, check out DC Fawcett virtual real estate investing club that contains blogs for the aspiring real estate investors. Virtual wholesaling concept was also introduced by him so new investors can try it out as no money is required.