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Blog/Market News

Blog/Market News

Intergenerational Homes

Buying a House for Everyone’s Lifestyle and Needs

Caring for an aging parent often means a new living situation for the parent or for your entire family. Here’s how to tackle this major chore without stressing everyone involved.

Define needs. Your upcoming living arrangement will be defined by the needs of your family. Before embarking upon your house-hunting endeavor, make a list of your family’s needs and wants. Ask yourself:

  • How many bedrooms do we need?
  • Will my aging parent(s) live in the main home or a separate structure?
  • Do I have access to healthcare specialist?
  • Does the neighborhood offer amenities appropriate for my children’s ages?

Forbes notes that how you live is more important than where you live. You might enjoy lakeside sunsets, but if you rarely make it home before dusk, you may want to focus on other aspects that you will get to enjoy, such as having a large yard or extra space for a reading room.

Confront the issue with compassion. No one wants to hear from their children that it’s time to move out of their home. But, mobility issues, financial concerns, and safety hazards that often come along with age are worth addressing. If your aging parent is no longer able to handle living on their own, don’t bark orders. Instead, talk to them like the adults they are and help them focus on positive reasons to combine your households.

Plan ahead to avoid issues. Moving is a major undertaking, especially when it involves multiple generations. Your parents may have 30 years’ worth of clutter that you have no intention of moving with them. When you’re planning a major move with an aging parent, think in terms of months, not weeks. Start cleaning and purging six months in advance so your parent is not so overwhelmed on moving day. Caring.com offers more information on organizing an aging parent’s move in this recently updated guide.

Don’t do it alone. The importance of hiring a qualified moving and packing service cannot be underscored enough. As a caregiver, your main priority is to see to the health and well-being of your aging parent, yourself, and, if applicable, your kids. You don’t need to be saddled with the burden of packing and physically moving into your new home. If finances are a concern, you can save money by utilizing à la carte moving services that allow you to handpick the services you need from the most qualified provider.

Consider financial impact today and in the future. You are probably not looking at your new home as an investment, but perhaps you should. When doing your home purchase planning, you must consider the long-term viability of the property. For instance, if you are moving into a larger home to accommodate your parents as well as your high school-aged kids, you may find yourself ready to move again in just a few years. In this situation, it may be more prudent to look outside of your originally targeted school zone so that you get a better price. Alternately, you can purchase a property with fewer bedrooms than desirable and allow your same-sex teens to bunk together for a couple of years. Architectural Digest points out that most investors follow the five-year rule when buying a property to make a profit. Even though you are taking care of your parent now, you must still continue to plan for your own future.

Whether you are buying a new home to accommodate your parents, self, and children or are looking for two properties together so you can remain close without invading each other’s privacy, moving is a big decision not to be made lightly. There are many choices that must be made, many of which are difficult and can strain your relationship. But they must be made nonetheless.