Minneapolis Multigenerational Living
Purchasing A Multigenerational Home With Family Members
Minneapolis Real estate is an industry notorious for its buzzwords and clichés. Does “location, location, location” ring a bell? Just when you thought you’d heard them all, it’s time to get ready for a new one: “multigenerational.” Actually, the concept isn’t new, but it’s making resurgence as consumers demand homes that can house two or more generations under one roof.
If you’re considering buying a home in the Twin Cities with your parents or your kids, you aren’t alone. In fact, Pew Research estimates that more than 51 million Americans made the same decision and now live in multigenerational housing. Twenty-two percent of those surveyed who are 49 to 58 years old said they live with family.
What To Consider When Looking For A Multigenerational Home
Probably the most important aspect to multigenerational living, if you hope to be successful, is finding a way to provide enough space for each family member to have some sense of privacy. Of course everyone should expect to give up a little privacy (no more sitting on the couch in boxers), but everyone should have a space of one’s own in which to retreat. Whether that entails building a “granny unit” or simply dividing rooms depends on the size of the home, the family budget and zoning laws in the area.
Home builders are getting in on the multigenerational housing trend as well. If you’re fortunate enough to live in a community where Lennar is putting up their NextGen homes (in 13 states now) you may be delighted in what they offer. So far, Lennar offered these homes in Minnesota in Maple Grove and they sold out quickly.
Who Takes Title To The Property?
One of the aspects you’ll need to discuss is who will actually buy the property and then, how much each adult member will contribute every month. Then there are the legal aspects of holding title and what happens with it upon the main buyer’s death – and how family members’ interests will be protected. For answers to these questions, consult with your attorney.
Buying Homes With Family - Making It Work
Open and clear communication is also an important aspect of living in a home with more than one generation of a family. “The biggest factor in successful arrangements is communication,” Donna Butts, executive director of Generations United tells Robyn Griggs Lawrence of nextavenue.
“You need to sit down before someone moves in and talk about expectations and parameters, including how you’ll divide up food, utilities and responsibilities. Another important question to ask is whether the situation is permanent or temporary,” Butts concludes. Multigenerational living isn’t for the highly dysfunctional family, but for those that already maintain close ties and a healthy respect for one another it may just be the ideal lifestyle.
If you're looking for a Twin Cities home that will cater to a multi-generational family, the Kris Lindahl team can help. Get in touch now.