If you’ve been hearing a lot about multi-generational (or simply, ‘multi-gen’) households lately, you’re not alone. Thanks to its practical benefits, this unique style of living arrangement is on the rise across Ontario. Maybe you’re considering multi-gen living too!
Establishing a multi-generational household isn’t just a real estate decision. It’s a full-on lifestyle shift that requires careful planning, collaboration, and communication among everyone involved. Although there are a lot of perks to multi-gen living, it’s not for every family.
In this blog, we’ll look at why multi-generational living is becoming more common in Ontario, and what you should consider when deciding if this unique setup is right for you.
What is a Multi-Generational Home?
Let’s start with the very basics. What exactly is multigenerational living?
On paper, it’s more or less exactly what it sounds like: multiple generations of people (usually from the same family) sharing a single household.
You may be thinking: Isn’t that most family households? Sure, parents raising young children is technically two generations under one roof. However, the term ‘multi-generational household’ is really intended to describe circumstances outside of the traditional household model.
Here are a few examples of multi-gen living:
- Downsizers who move in with one of their adult children’s homes (with that person’s spouse and children) rather than an independent living situation.
- First-time home buyers co-purchasing a property with an older family member(s) and moving in together.
Looking for more resources on multi gen living? Read these blogs next!
Why is Multi-Gen Living Becoming Popular?
The rise of multi-gen households isn’t just anecdotal. Recent surveys have shown that multi-generational living is currently the fastest-growing household type in Canada.
As you may expect, housing affordability has played a big role in the rise of multi-gen homes. Rising real estate prices (and rental costs) aren’t just impacting first-time buyers but also downsizers and retirees. Living together allows both generations to share the costs of living, making homeownership more accessible to everyone involved.
Of course, not all multi-generational homes are the result of economic factors. In fact, we see a number of families embracing multi-gen living simply because they enjoy it, and it’s not hard to understand why. Sharing a home with those closest to you (even if you’re not close in age) can be all kinds of rewarding. It also adds a layer of convenience as everyday responsibilities are shared among all members of the house.
Will Multi-Gen Living Work For Your Family?
Deciding to move in with family members (including in-laws) is a major decision, especially if you plan to buy real estate together. While the financial perks may be compelling, it’s important to consider whether it’s a good idea on a personal level.
Sharing a home with other generations of your family can be fulfilling, but it can also be stressful at times. The last thing you want to do is create lasting strain between family members.
Think carefully and realistically about mutual expectations, timelines, and the personality types of everyone who will be living together. Sometimes the compatibility simply isn’t there.
Financial & Legal Implications
On top of the interpersonal aspects of moving in with family members, there are some important financial and legal considerations too, especially if you’ll be co-buying or co-owning real estate.
Financially speaking, everyone should be clear on how much they’ll be contributing to a purchase. This goes for upfront costs like the deposit and down payment, along with long-term expenses like mortgage payments, property taxes, insurance and utilities.
You should also clarify if every party will own equal shares in the home, or if equity will be divided differently. If there are spouses involved in your multi-generational arrangement, matrimonial housing rights can also complicate things.
If you’re nervous about potential conflict or disagreements, creating a cohabitation agreement with the help of a lawyer can provide some peace of mind. This is a legal document that formally outlines each party’s rights and responsibilities as they relate to the home.
Hoping to make a budget-conscious home purchase? Check out these other blog posts for more advice!
- Where to Find Affordable Homes in Ontario
- How to Save For a Down Payment
- Can You Buy a Home For Under $1 Million in Durham Region?
Making a Smooth Home Purchase
Whether you go in alone or with a family member, buying a home is one of the most important decisions that you’ll make in your lifetime, and the best place to start is with an experienced real estate agent. That’s where we come in, Puckrin and Latreille.
With more than 175 years of combined team experience, we’ve bought virtually every type of home in Durham Region and Kawartha Lakes. Using this knowledge to your advantage, we’ll help you (and whoever else you’re buying with) find the right home based on your needs and budget. As a neutral third party, we’ll help you navigate every last detail of the process, ensuring everyone feels comfortable, educated, and confident from start to finish.
Ready to discover your future in Durham Region & Kawartha Lakes? We’ll help you find your dream home. Call 905-985-7300 or send an email to hello@liveplayinvest.com.
Book a Meeting
Whether buying or selling a home in Port Perry and the surrounding area, our team has you covered. Book a call with us today to get started.
