Thinking of buying a house with family?
August 16 2018
As millennials struggle with student loan debt and more seniors opt to age in place, multigenerational homes are on the rise. In fact, according to recent data from the Pew Research Center, 20 percent of Americans live in multigenerational homes -- and that number's growing.
And while some households choose to rent, the astronomical growth of rent prices -- both in Illinois and across the U.S. -- often makes renting impossible for many families. In most cases, buying a multigenerational home is much more beneficial in the long run.
Buying a multigenerational home ensures:
1. You can make changes to the property.
If seniors live on the property, you may need to make certain modifications as their health care needs increase, such as adding a wheelchair ramp or handrails in the shower. It isn't possible for you to make these modifications yourself in rental properties, and authorized changes could cause a penalty to your deposit.
2. You can build your credit.
Consider co-borrowing with other generations in the home to help everyone develop their credit. A boosted credit score will make it easier for each person to purchase their own property in the coming years.
3. You can save more money.
Because of high rent costs, you'll likely pay less monthly and annually when purchasing a home. This means more savings to put toward student loan or credit card debts and other financial issues that may be holding your family members back.
4. You'll enjoy more privacy.
Apartments are notorious for thin walls, and being surrounded by dozens of neighbors above, below and next to you can be exhausting. Buying a single-family home can provide you much-needed privacy over renting.
Are you living with your parents, children or other family members? Want to get out of the rent race and buy a home? Contact us for help.