Have you been thinking about investing in a multigenerational house? Well, at VPM, we think it’s a smart move that is aligning more and more with the evolving dynamics of modern families.
In recent years, the real estate market has witnessed a shift towards homes accommodating multiple generations under one roof. But why should you consider this type of property as an investment?
Jaime Pratt, Head of PM at VPM, looks into the advantages and key considerations of this type of investment.
First and foremost, multigenerational living offers a unique blend of financial benefits and familial support. Purchasing a property where parents, children, and even grandparents can coexist harmoniously isn’t just a matter of convenience; it’s a strategic investment.
“One of the key financial advantages is shared expenses,” Jaime explains. “In a multigenerational home, costs like mortgage repayments, utilities, and maintenance can be shared among the family members. This not only eases the financial burden on individuals but also allows for potential savings that can be redirected towards other investments or family needs.”
In addition, multigenerational living fosters a strong support system. For older family members, having their children or grandchildren nearby can provide a sense of security and companionship. It’s a communal living arrangement that promotes shared responsibilities and care, creating a safety net for everyone involved.
Jaime advises that when considering investing in a multigenerational house, it’s important to evaluate the property’s layout and amenities. “Look for features that cater to diverse needs, such as separate living spaces, multiple bathrooms, and accessibility considerations for elderly family members.”
Location is another critical factor. Choose a neighbourhood that aligns with the lifestyle and preferences of all generations involved. Proximity to essential amenities, healthcare facilities, and educational institutions is key to ensuring a well-rounded living experience.
Be sure to also leverage local experts in the property market to pinpoint areas that seamlessly blend convenience with community. From suburbs with excellent schools to neighbourhoods boasting recreational spaces, local agents can guide you towards options that will satisfy your unique multigenerational living requirements. Adapting to the needs of diverse families is paramount.
Multigenerational living can bring exciting diversity to your investment portfolio. If you’re considering this type of investment, touch base with our team of property professionals at VPM, who can help you find the perfect investment tailored to your specific goals.